Following are selected transactions for Ridge Company.
Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries.
Use the calculated value to prepare your journal entries.
Thank you!
| Mar. | 21 | Accepted a $9,800, 180-day, 10% note dated March 21 from Tamara Jackson in granting a time extension on her past-due account receivable. | ||
| Sept. | 17 | Jackson dishonored her note when it is presented for payment. | ||
| Dec. | 31 | After exhausting all legal means of collection, Ridge Company wrote off Jackson’s 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.
Complete the table to calculate the interest amounts at September 17.
| Sept. | 17 | Interest revenue = $9,800 × 0.10 × 180 / 360 = $490 |
Use the calculated value to prepare your journal entries.
Thank you!
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