nt More Info 201X June 11 Lane Company sold $6,500 of merchandise costing $4,900 on account to Ritter Company. July 11 Lane Company received a 90-day, $4,000, 16% note for a time extension of a past-due account of Ritter Company. Oct. 9 Collected the Ritter Company note on the maturity date. 9 Assume Ritter Company defaulted on its July 11 note and record the dishonored note. 15 Ritter Company paid the note receivable that was dishonored on October 9 (no additional interest is charged). Print Done - X