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Question 2 - Chapter 7, Learning Objective 3 – 5 points Presented below is information related to the Accounts Receivable accounts of Taylor, Inc

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Question 2 - Chapter 7, Learning Objective 3 – 5 points Presented below is information related to the Accounts Receivable accounts of Taylor, Inc. during the year ended December 31, 2020. 1. An aging schedule of the accounts receivable as of December 31, 2020, is as follows. % estimate uncollectible 2% Age Under 60 days 60-90 days 91–120 days Over 120 days Total Balance $212,722 147,147 49,110 24,321 3% 8% 27% $433,300 2. The balance in the allowance for bad debts on January 1, 2020 was $21,044 3. Write offs during 2020 totaled $46,080. 4. Recoveries of amounts previously written off during 2020 totaled $5,556. Journalize the bad debt expense entry required as of December 31.