Cash Accounts receivable Use the T-accounts to record the following transactions for LAX, LLC.: 99,508 169,010 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. 99,508 169,010 4. La Crescent, LLC returned half the goods bought and negotiated an allowance of 10% on the rest. Revenue Allowance for UA 268,518 250 $ (250) 5. La Cresent, LLC paid the remaining invoice amount 14 days after the purchase date. $ 6. LAX estimated that 3.5% of the outstanding 268,518 Sales discounts receivables will be uncollectable. Record bad debt Bad debt expense expense. 7. LAX wrote off a $950 receivable for Star, Co. 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! 9. Calculate the interest revenue for 2021 on the following notes: Term (months) Date Principal Interest revenue Rate % 5.05% 2021/2/28 650,000 2020/9/30 5.25% $ 2,500,000 4.95% 2021/10/1 1,850,500