Right rig has a $380,000 debit balance in Accounts Receivable and a $4,800 credit balance in Allowance for Bad Debts. If Right Rig estimates bad debts are 4% of Accounts receivable, what is the journal entry to record the bad debt estimate? O Debit Bad Debts Expense for $10,400; Credit Allowance for Bad Debts for $10.400 Debit Bad Debts Expense for $15,200; Credit Allowance for Bad Debts for $15,400 Debit Allowance for Bad Debts for $10,400; Credit Bad Debts Expense for $10,400 Debit Allowance for Doubtful Accounts for $15,200; Credit Bad Debts Expense for $15,200 At December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. Interest of 10% has accrued for 10 months on the note. What will Crain's financial statements report for this situation The balance sheet will report the note receivable of $8,400 The balance sheet will report the note receivable of $8,400 and interest receivable of $700 Nothing because the business has not received the cash yet. OTHe income statement will report a note receivable of $8,400