Cash 99,508 Accounts receivable 169,010 Use the T-accounts to record the following transactions for LAX, LLC.: 1. LAX sold goods to Onalaska, Inc. for $55,000, on account, 1/10, net/30. 2. LAX sold goods to La Crescent, LLC for $76,000, on account, 2/15, net 30. 3. LAX collected half of the amount due from Onalaska, Inc. 10 days after the purchase date and the rest 30 days after the purchase date. 4. La Crescent, LLC returned half the goods bought and negotiated an allowance of 10% on the rest. $ 99,508 169,010 Revenue Allowance for UA 250 268,518 268,518 Sales discounts 5. La Cresent, LLC paid the remaining invoice amount 14 days after the purchase date. 6. LAX estimated that 3.5% of the outstanding receivables will be uncollectable. Record bad debt expense. 7. LAX wrote off a $950 receivable for Star, Co. Bad debt expense 8. Later, Star, Co. paid $800 toward the original $950 invoice. Sales returns & allowances Total debits & credits 268,268 268,268 You're in balance! Term (months) Interest revenue 9. Calculate the interest revenue for 2021 on the following notes: Date Principal Rate % 2021/2/28 650,000 5.05% 2020/9/30 $ 2,500,000 5.25% 2021/10/1 1,850,500 4.95%