e schedule of aging accounts for a Company, at the end of the year 2020, appears below: 2.5 points Save Answer Q 600 urrent 30 days overdue -60 days overdue ore than 60 days overdue tal Accounts Receivable $40,000 4,000 5,500 2,000 51,500 Estimate % of Bad Debts 2% 7% 15% 22% e allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $800, before the estimate as made. quired: Prepare the adjusting entry to record bad debts expense for 2020. HOW YOUR CALCULATIONS) the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt iii !!! > Tx H L Sony Company had the following transactions in December: Dec. 1 Sony purchased $18,000 merchandise inventory on account terms, 2/10, n/30, FOB shipping point. Dec. 5 Sony received $2,000 allowance on the merchandise purchased on Dec. 1. Dec. 8 Sony paid the invoice dated Dec 1, less allowance and discount. Required: Prepare journal entries for these 3 transactions assuming Sony uses a perpetual inventory system. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS P Paragraph Arial 10pt Click Save and Submit to save and submit. Click Save All Answers to save all answers. A A H Sa