Question
Following are selected transactions for Ridge Company. Mar. 21 Accepted a $9,500, 180-day, 8% note dated March 21 from Tamara Jackson in granting a time
| Following are selected transactions for Ridge Company. |
| Mar. | 21 | Accepted a $9,500, 180-day, 8% note dated March 21 from Tamara Jackson in granting a time extension on her past-due account receivable. |
| Sept. | 17 | Jackson dishonors her note when it is presented for payment. |
| Dec. | 31 | After exhausting all legal means of collection, Ridge Company writes off Jacksons account against the Allowance for Doubtful Accounts. |
| First, complete the table below to calculate the interest amounts at September 17. (Use 360 days a year.)
|
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Information Technology Auditing And Assurance
Authors: James A. Hall, Tommie Singleton
2nd Edition
0324191987, 978-0324191981
