Following are transactions for Ridge Company.

Mar.		21		Accepted a $17,800, 180-day, 7% 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 this question by entering your answers in the tabs below.

• Interest Amounts
• General Journal

Complete the table to calculate the interest amounts at December 31^st and April 30^th.

		November 1	January 1
	Total Through	Through	Through
	Maturity	December 31	April 30
Principal
Rate (%)
Time
Total interest

• Interest Amounts
• General Journal
• HOME
• ACCESSIBILITY
• PREVIEW

• Complete this question by entering your answers in the tabs below.

• Interest Amounts
• General Journal

• Use those calculated values to prepare your journal entries.

  Journal entry worksheet

  Transaction Index :

• Accepted a $15,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable.
• Adjusted the year-end accounts for the accrued interest earned on the White note.
• White honored her note when presented for payment. Assume no reversing entries were made on January 1.

• Note: Enter debits before credits.

  Date	General Journal	Debit	Credit
  Nov 01

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  FPOspreadsheet

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• Accounts payableK. White
• Accounts receivableK. White
• Allowance for doubtful accounts
• Bad debts expense
• Cash
• Cost of goods sold
• Credit card expense
• Factoring fee expense
• Interest expense
• Interest payable
• Interest receivable
• Interest revenue
• Merchandise inventory
• Notes payableK. White
• Notes receivableK. White
• Prepaid insurance
• Sales
• Sales discounts
• Interest Amounts
• General Journal

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