Accounts receivable Cash 99,508 99,508 Revenue Sales discounts 99,508 Use the T-accounts to record the following transactions for LAX, LLC.: 1. LAX sold goods to Onalaska, Inc. for $5,000, on account. Terms were 1/10, net/30. 2. LAX sold goods to La Crescent, LLC for $2,750, on account. Terms were 2/15, net 30. 3. LAX sold goods to XYZ Co. for $99,000.XYZ paid cash. 4. LAX collected full payment from Onalaska, Inc. 10 days after the purchase date. 5. La Crescent, LLC retumed $250 of the purchased goods. 6. La Cresent, LLC paid the remaining invoice amount 14 days after the purchase date. 7. LAX sold goods to Onalaska, Inc. for $75,000, On account, 1/15, net 30. 8. LAX sold goods to La Crescent, LLC for $150,000, on account, 1/15, net 30. 9. LAX granted La Crescent, LLC a 10% allowance for sending some wrong goods. 10. Onalaska, Inc. paid the full invoice amount 30 days after the purchase date. 11. La Crescent, LLC paid the full invoice amount 15 days after the purchase date. Sales returns & allowances 99,508 Total debits & credits 99,508 99,508 You're in balance! 12. Calculate the interest revenue for 2021 on the following notes (formula: principle x rate x term]: Date Principal Rate % Term (months) Interest revenue 2021/2/28 $ 650,000 4.90% 2020/6/30 $ 1,750,000 4.85% 2021/9/1 $ 995,500 5.15% 61-90 late >90 late 2,500 25 250 1,000 13. Estimate bad debt expense for LAX, LLC for 2021 using the Aging Method: Customer Not due - 1-30 late 31-60 late ABC, Co. 58,104 358 DDD, Co. 25,888 1,806 Fox, Inc. 100,756 JKL, Inc. 25,460 1,000 Star, Co. 99,463 3,500 XYZ, LLC 55,000 752 364,671 7,441 343 Estimated bad debt %: 0.25% 0.75% 1.00% Estimated bad debt $: ... 650 900 3,750 35.00% 5.00% Cash 125,808 Accounts receivable 377,105 125,808 $ 377,105 Revenue Allowance for UA Use the T-accounts to record the following transactions for LAX, LLC.: 14. Record the estimated bad debt expense from #13 for LAX for 2021. 15. LAX sold $93,229 in goods to Star, Co., on account. 16. LAX sold $215,405 in goods to Fox, Inc., on account 17. LAX decided to write off the >90 receivable for JKL. 18. LAX collected the amount due from Star, Co. 19. LAX collected half of the >90 receivable from ABC and wrote off the rest. 20. LAX collected a partial payment of $175,405 from Fox, Inc. 476 Bad debt expense Total debits & credits 502,913 502,913 You're in balance! Accounts receivable Cash 99,508 99,508 Revenue Sales discounts 99,508 Use the T-accounts to record the following transactions for LAX, LLC.: 1. LAX sold goods to Onalaska, Inc. for $5,000, on account. Terms were 1/10, net/30. 2. LAX sold goods to La Crescent, LLC for $2,750, on account. Terms were 2/15, net 30. 3. LAX sold goods to XYZ Co. for $99,000.XYZ paid cash. 4. LAX collected full payment from Onalaska, Inc. 10 days after the purchase date. 5. La Crescent, LLC retumed $250 of the purchased goods. 6. La Cresent, LLC paid the remaining invoice amount 14 days after the purchase date. 7. LAX sold goods to Onalaska, Inc. for $75,000, On account, 1/15, net 30. 8. LAX sold goods to La Crescent, LLC for $150,000, on account, 1/15, net 30. 9. LAX granted La Crescent, LLC a 10% allowance for sending some wrong goods. 10. Onalaska, Inc. paid the full invoice amount 30 days after the purchase date. 11. La Crescent, LLC paid the full invoice amount 15 days after the purchase date. Sales returns & allowances 99,508 Total debits & credits 99,508 99,508 You're in balance! 12. Calculate the interest revenue for 2021 on the following notes (formula: principle x rate x term]: Date Principal Rate % Term (months) Interest revenue 2021/2/28 $ 650,000 4.90% 2020/6/30 $ 1,750,000 4.85% 2021/9/1 $ 995,500 5.15% 61-90 late >90 late 2,500 25 250 1,000 13. Estimate bad debt expense for LAX, LLC for 2021 using the Aging Method: Customer Not due - 1-30 late 31-60 late ABC, Co. 58,104 358 DDD, Co. 25,888 1,806 Fox, Inc. 100,756 JKL, Inc. 25,460 1,000 Star, Co. 99,463 3,500 XYZ, LLC 55,000 752 364,671 7,441 343 Estimated bad debt %: 0.25% 0.75% 1.00% Estimated bad debt $: ... 650 900 3,750 35.00% 5.00% Cash 125,808 Accounts receivable 377,105 125,808 $ 377,105 Revenue Allowance for UA Use the T-accounts to record the following transactions for LAX, LLC.: 14. Record the estimated bad debt expense from #13 for LAX for 2021. 15. LAX sold $93,229 in goods to Star, Co., on account. 16. LAX sold $215,405 in goods to Fox, Inc., on account 17. LAX decided to write off the >90 receivable for JKL. 18. LAX collected the amount due from Star, Co. 19. LAX collected half of the >90 receivable from ABC and wrote off the rest. 20. LAX collected a partial payment of $175,405 from Fox, Inc. 476 Bad debt expense Total debits & credits 502,913 502,913 You're in balance