14 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 $20,000 5,000 4,000 Estimate % of Bad Debts 1% 5% 10% 2.5 points Save A More than 60 days overdue Total 2,500 31,500 20% The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $400, before the estimate wa 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 V Arial 10pt Ev A IM D L a SAY