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Question 8 a Warren Company has a balance in Accounts Receivable at December 31, 2020 of $500,000 and the company estimates 8% of Accounts Receivable will eventually become uncollectible. If the balance in the Allowance for Doubtful Accounts on December 31, 2020 before adjustment is a debit balance of $1,000, what would be the amount of Warren's adjusting entry for Bad Debts Expense on December 31. 2020? $40,000 $42.000 $41,000 $39,000 3.45 pts Question 9 On December 31, 2020, Pete Corporation has a note receivable of $20,000. The principal of the note will be collected in annual installments of $5,000 beginning on July 1, 2021 and continuing for a total of 4 years. The classification of the note on Pete Corporation's balance sheet on December 31, 2020 is: O $5,000 is a current asset and $15,000 is a long-term asset O $20,000 is a long-term asset $15,000 is a current asset and $5,000 is a long term asset O $20,000 is a current asset Question 10 On October 1, 2020, Alpha Corporation accepted a 9-month note receivable of $50,000 from Beta Corporation. The note has a due date of July 1, 2021 and carries a 6% annual interest rate. Alpha properly made an adjusting entry on December 31, 2020 to accrue the interest revenue for the three months of October, November, and December, 2020. What is the amount of interest revenue that should be shown on Alpha Corporation's income statement for 2020 and 2021? O $1,125 in 2020 and 1.125 in 2021 $0 in 2020 and $2.250 in 2021 $750 in 2020 and $1.500 in 2021 $1.500 in 2020 and $750 in 2021

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