Blackboard x c B Remaining Time: 1 hour, 46 minutes, 10 seconds. Question Completion Sta 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 More than 60 days overdue Total Accounts Receivable $20,000 5,000 4,000 2,500 31,500 Estimate % of Bad Debts 1% 5% 10% 20% ww The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $400, 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) BIVS Paragraph Arial 10pt < I. H 0 WORDS POWERED BY T