The interest of a 5-months, $3,000, and 8 % note payable is $110. *

True

False

If interest expense for 45 days of 10% interest note is $50, the face value of the note is $3,000. *

True

False

The maturity date for a 60 days note dated June 13, 2020 is August 12, 2020. *

True

False

The two methods of estimating the bad debts are the percentage of sales and the percentage of receivables. *

True

False