8) DI Munson Company, Inc. uses the percentage of sales method for recording bad debts expense. For the year cash sales are $600,000 and credit sales are $2,200,000. Management estimated that 1% is the sales percentage to use to determine bad debts, What adjusting entry will the Company make to record the bad debt expense? a. Bad Debt Expense 28,000 Allowance for Doubtful Accounts 28,000 b. Bad Debt Expense Allowance for Doubtful Accounts 22,000 22,000 c Allowance for Doubtful Accounts Accounts Receivable 28,000 28,000 Allowance for Doubtful Accounts Bad Debt Expense 28,000 28,000 9) Calculate total interest expense on a $60,000, 8%, 3 month note payable. 10) Calculate total interest income on a $25,000, 6 month, 3% note receivable. 11) Calculate total interest Income on a $45,670, 7.5%, 4 month note receivable