QUESTION 7 2.5 points Save Answer 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 $40,000 4,000 5,500 2000 51.500 Estimate % of Bad Debts 2% 7% 15% 22% The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $800, 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). BI V S Paragraph Arial 10pt T % Go 62 E x X2 O WORDS POWERED BY TINY