Lamar's Fortune 100 Company completed the following transactions during the month of February 2021. Mrs. Seahawk is the owner/CFO. You are the new accountant. Mrs. Seahawk has requested that you review the transactions from February 2021 below and then proceed as instructed (for LSCPA only (PSLO1) (PSLO2) (PSLO3). Questions (note your answers after each question): 1. Lamar decides to use the direct write-off method for recording Bad Debts Expense. At the beginning of 2021, Accounts Receivable has a $105,000 balance. The Company noted that in February 2021 that a $2,000 account was uncollectible. What is the journal entry to recognize this? (Chapter 13) 2. If Lamar decides to use the allowance method in problem #1 assuming the same facts, what is the journal entry to post this? (Chapter 13) 3. Lamar uses accrual basis of accounting for all transactions (typically). The CFO asks you which method the Company should use (direct write-off method or the allowance method). Explain which method you recommend and why. (Chapter 13) 4. Lamar is considering some notes payable. Calculate the interest for the following and assume a 360-day year: 1. $10,000, 1%, 2 years. 2. $15,000, 10%, 9 months. 3. 20,000, 5%, 90 days. Note your answers for each one. All things considered constant, which loan will cost Lamar the least based on the interest rate? (Chapter 14) 5. Mrs. SeaHawk is evaluating inventory. She needs you to refresh her memory on the types of inventory systems