Following are transactions for Ridge Company. March 21 Accepted a $11,100, 180-day, 10% note from Tamara...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Following are transactions for Ridge Company. March 21 Accepted a $11,100, 180-day, 10% note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Maturity Principal Rate (%) Time Total interest Interest Amounts General Journal > December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries. View transaction list Journal entry worksheet < 1 2 3 Accepted a $11,100, 180-day, 10 % note from Tamara Jackson in granting a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Following are transactions for Ridge Company. March 21 Accepted a $11,100, 180-day, 10% note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Maturity Principal Rate (%) Time Total interest Interest Amounts General Journal > December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries. View transaction list Journal entry worksheet < 1 2 3 Accepted a $11,100, 180-day, 10 % note from Tamara Jackson in granting a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
You are offered two jobs. One initially pays $ 4 0 , 0 0 0 annually and will grow by 1 0 % every year. The other is $ 4 1 , 0 0 0 annually and will grow by 8 % every year. After 1 0 years, which job...
-
What is the realized yield on a bond with an annual coupon of 7 . 5 7 % that is paid semiannually, a par value of $ 1 , 0 0 0 , 3 0 years to maturity, that was purchased for $ 8 8 8 . 4 2 but has...
-
The ACME Supply Company has traditionally served the wholesale channel. Wholesale customers receive full or partial pallet shipments via LTL carriers.Order to ship is typically next day for orders...
-
Delta Catfish Company has taken a position in its tax return to claim a tax credit of $10 million (direct reduction in taxes payable) and has determined that its sustainability is more likely than...
-
Contrast the effects of LIFO versus FIFO on ending inventory when (a) costs are rising and (b) costs are falling.
-
The fundamental accounting equations for several businesses follow. Supply the missing amounts. Assets Liabilities $6,720 $6,380 Owner's Equity 1. $32,350 2. $28,900 3. $48,075 4.$ ? 5.$54,000...
-
Wise Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30): Required 1. Prepare a sales journal like that in Exhibit 7.5 and a cash...
-
ExerWise, a new company marketing a high-end ab toner exercise machine, is considering direct marketing versus selling through Strongs, a national sporting goods retailer. As the buyer for Strongs,...
-
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials: Direct labor $ 77,000 $ 39,000 48-29...
-
Venice InLine, Incorporated, was founded by Russ Perez to produce a specialized in-line skate he had designed for doing aerial tricks. Up to this point, Russ has financed the company with his own...
-
What are the key processes driving developmental biology, from embryogenesis to adult form, and how do genetic and epigenetic factors influence organismal development ?
-
Over the past three decades, the cost structure for a typical manufacturing firm has shifted dramatically from labor and material as the primary costs in the 1980s, with overhead now the major cost...
-
6. When 30,000 units are produced, variable costs are $10 per unit. Therefore, when 20,000 units are produced ?1)variable costs will remain at $10 per unit 2)variable costs will total $60,000...
-
Share at least two ways to improve customer satisfaction and explain why each improvement will be beneficial. Explore resources within your hypothetical community and share at least one ,then discuss...
-
How do symbiotic relationships at the organismal level, such as those involving microbiomes, contribute to the health, physiology, and evolution of their host organisms ?
-
According to Castronova, they manipulated the price of _____________ to test their research question. Group of Answers :Potions, arrows, or spells
-
Players A, B, and C toss a fair coin in order. The first to throw a head wins. What are their respective chances of winning?
-
Suppose you are the controller of Ryerson University. The university president is preparing for her annual fundraising campaign for 2008-09. To set an appropriate target, she has asked you to prepare...
-
Grace Hospital provides a wide range of health services in its community. The board of directors has authorized the following capital expenditures: The expenditures are planned for October 1, 2008,...
-
Study the appendix beginning on page 551. The Speedy-Mart Store has the following budgeted sales, which are uniform throughout the month: Cost of goods sold averages 70 percent of sales and is...
Study smarter with the SolutionInn App