12 The schedule of aging accounts for a Company, at the end of the year 2020, appears below. Current 1-30 days overdue 31.60 days overdue Accounts Receivable $40,000 4,000 5,500 Estimate % of Bad Debts 2% 7% 10% 25 m More than 60 days overdue Total 2.000 51,500 22% The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $800, before the estimate was made. Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) For the toolbar, press ALT F10 (PC) or ALT+FN+F10 (Mac BIUS Paragraph Arial 10pt iEx A 7 I. E B *