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Following are selected transactions for Ridge Company. Mar. 21 Accepted a $15,700, 180-day, 11% note dated March 21 from Tamara Jackson in granting a time
Following are selected transactions for Ridge Company.
Mar. | 21 | Accepted a $15,700, 180-day, 11% note dated March 21 from Tamara Jackson in granting a time extension on her past-due account receivable. | ||
Sept. | 17 | Jackson dishonored her note when it is presented for payment. | ||
Dec. | 31 | After exhausting all legal means of collection, Ridge Company wrote off Jacksons 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.
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