4 On October 1, 2021, Highview Company borrows $209,000 on a three-year note that requires the company to pay 8% interest on March 31 and September 30. On December 31, 2021, the adjusting entry to accrue interest on the note should debit: Multiple Choice Interest Payable and credit Interest Expense for $4,180. O Interest Expense and credit Interest Payable for $8,360. Interest Expense and credit Cash for $8,360. Interest Expense and credit Interest Payable for $4,180. 5 Libby Company uses the percentage of credit sales method for calculating Bad Debt Expense. The company reported $240,000 in total sales during the year; $194,000 of which were on credit. Libby has experienced bad debt losses of 7% of credit sales in prior periods. What is the estimated amount of Bad Debt Expense for the year? Multiple Choice $13,580 $46,000 $14,000 $16,800