Estimate % of Bad Debts 1% 5% 10% 20% QUESTION 9 The schedule of aging accounts for a Company, at the end of the year 2020, appears below. Accounts Receivable $40,000 10,000 5,500 1.800 C * E f 57.300 The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $600, before the estimate was made Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) Current 1-30 days overdue 31-60 days overdue More than 60 days overdue Total For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)