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I need help with part D, not sure why it's producing my answer as incorrect. Tardif Corporation adjusts its books monthly. On September 30, 2015,
I need help with part D, not sure why it's producing my answer as incorrect.
Tardif Corporation adjusts its books monthly. On September 30, 2015, notes receivable include the following:
Problem 8-8A (Part Level Submission) Tardif Corporation adjusts its books monthly. On September 30, 2015, notes receivable include the following: Maker Principal Interest Term Issue Date Mar. 31, 2015 RES Inc. May 31, 2015 Ihara Ltd Aug. 31, 2015 Dragon Limited Sept. 30, 2015 MGH Corp 7 months 17,400 6% 18months 2 months 19,800 4% 16months $18,200 596 4,600 9% Interest is due at maturity for the RES and Dragon notes. Interest is due on the first day of the month for the Ihara and MGH notes. At September 30, the balance in the Allowance for Doubtful Notes account is nil. In October, the following selected transactions were completed 1 31 31 31 31 Received the interest due from Ihara and MGH Received notice that Dragon was unable to pay its note as scheduled. It expects to be able to pay in the future The RES note matured and was received in full Accrued interest on the Ihara and MGH notes. Analyzed the remaining notes for collectibility. Estimated that $17,400 of notes may not be collectible in the future because of significant labour issues currently being experienced by Ihara. Oct. Your answer is correct. Calculate the balance in the Interest Receivable and Notes Receivable accounts at September 30, 2015. (Round answers to 0 decimal places, e.g. 5,275.) Balance in the Interest Receivable 577Step by Step Solution
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