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 2,000 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 bala made. Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) 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 2,000 51.500 Estimate % of Bad Debts 2% 7% 15% 22% 2.5 points 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)