Tardif Corperation adjusts is books menthly. On September 30, 2015, notes receiv
ID: 2551892 • Letter: T
Question
Tardif Corperation adjusts is books menthly. On September 30, 2015, notes receivable include the following Har 31, 2015 RES Ine May 31, 2015 Aug. 31, 2015 Sept. 30, 2015 Ihara LM bagon urmted 4,SO MGH Corp19,000 $15,000 5% 7months 14,000 3% 18months 2months 15 months 5% 4% Interest is due at maturity for the RES and Dragon notes interest is due on the frst dey of the menth for the thars and MGH notes. At September 30, the belence in the Allomance for Doubthul Notes account is ne in October, the following selected transactions were completed the interest due from Ihara and 31 Received notice that Drag 31 The RES note matured and was received in u 31 Accrued interest on the thra and MGH noes gon was unable to pay its note as scheduled. t expects to be able to pay in the futureExplanation / Answer
Principal Interest rate No. of months due Interest receivable balance Date Accounting Titles and explanations Debit Credit RES $ 15,000 5% 6 $ 375 1-Oct Cash $ 103 Ihara $ 16,000 3% 1 $ 40 Interest receivable $ 103 Dragon $ 4,500 5% 1 $ 19 31-Oct Accounts Receivable $ 4,538 MGH $ 19,000 4% 1 $ 63 Interest receivable $ 19 Total $ 54,500 $ 497 Notes Receivable $ 4,500 Interest revenue $ 19 31-Oct Cash $ 15,443 Notes Receivable $ 15,000 Balance in the interest receivable $ 497 Interest Revenue $ 68 Balance in the notes receivable $ 54,500 Interest receivable $ 375 31-Oct Interest receivable $ 103 Interest revenue $ 103 31-Oct Bad debt expenses $ 16,040 Allowance for doubtful accounts $ 16,040 Please check and let me know in case you face any issues.
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