Question
Following are transactions for Ridge Company. Mar. 21 Accepted a $10,500, 180-day, 10% note from Tamara Jackson in granting a time extension on her past-due
Following are transactions for Ridge Company.
| Mar. | 21 | Accepted a $10,500, 180-day, 10% note from Tamara Jackson in granting a time extension on her past-due account receivable. | ||
| Sept. | 17 | Jackson dishonored her note. | ||
| Dec. | 31 | After trying several times to collect, 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. (Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year.)
Complete the table to calculate the interest amounts at September 17.
|
Journal entry worksheet
1.Accepted a $10,500, 180-day, 10% note from Tamara Jackson in granting a time extension on her past-due account receivable.
2. Jackson dishonored her note.
3.After trying several times to collect, Ridge Company wrote off Jacksons account against the Allowance for Doubtful Accounts.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Contemporary Financial Management
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
