Current 1-30 days overdue 31-60 days overdue More than 60 days overdue Total Accounts Receivable $40,000 Estimate % of Bad Debts 2% 4,000 7% 5,500 15% 2,000 22% 51.500 The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $800, before the es Required: Prepare the adjusting entry to record bad debts expense for 2020 (SHOW YOUR CALCULATIONS)