On December 31, 2020, Chetan and Daman Company have accounts receivable totaling $215,000 and a $7,600 debit balance in its allowance for doubtful accounts, prior to the 2020 year-end adjustment. The company completes an aging analysis of its receivables and uses it as the basis for estimating its allowance for doubtful accounts. The aging analysis of the accounts shows the following: Aging Category Current 1 - 30 days 31-90 days Over 90 days Total Accounts Receivable, December 31 $165,000 18,600 12,000 19,400 $215,000 The company's estimates of bad debts are as follows: Age of Accounts Current 1-30 days 31 - 90 days Over 90 days Total Estimated % Uncollectible 1.5% 11% 20% 40% $215,000 Required: a) Determine the balance in the Allowance for Doubtful Accounts as at December 31, 2020. (2 marks) Required: a) Determine the balance in the Allowance for Doubtful Accbunts as at December 31, 2020. (2 marks) b) Prepare the adjusting entry for the bad debt expense as at December 31, 2020