Exercise 7 15 Dishonoring A Note Lo P4 Following Are Transactions For Ridge Company Mar 21 Accepted A 12 400 180 Day 1 (95.84 KiB) Viewed 25 times
Exercise 7-15 Dishonoring a note LO P4 Following are transactions for Ridge Company. Mar. 21 Accepted a $12,400, 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 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. (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 September 17. Total Through Maturity Principal Rate (%) Time Total interest
Journal entry worksheet < 1 2 3 Accepted a $12,400, 180-day, 7% note from Tamara Jackson in granting a time extension on her past-due account receivable. Note: Enter debits before credits. Date Mar 21 General Journal Debit Credit >
Journal entry worksheet < 1 2 3 Jackson dishonored her note. Date Sept 17 Note: Enter debits before credits. General Journal Debit Credit
Journal entry worksheet < 1 2 3 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit
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