Please answer True or False

j. A company owes $9,000 on a Note Payable at the end of the year, but overlooks the need to make an adjusting entry for interest payable. As a result, reported Net Income will be overstated for that period. m. A company ends the current year with sales of $600,000, accounts receivable of $100,000, and an allowance for doubtful accounts of $1,000, with a debit balance. Bad debts are estimated to be 6% of accounts receivable. The income statement should report bad debts expense of $5,000