https://newconnect mheducation.com/flow/connect.htm r 9 Homework Saved Following
ID: 2553197 • Letter: H
Question
https://newconnect mheducation.com/flow/connect.htm r 9 Homework Saved Following are selected transactions for Ridge Company. Mar. 21 Accepted a $5,000, 180-day, 11% note dated March 21 from Tamara Jackson ?n 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. (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 17Explanation / Answer
Answer:
1
Principal
5000
rate
11%
Time
180/365
Total interest
275
Interest
=5000x180/360 x11%
=$275
___________________________
2
Date
General Journal
Debit $
Credit $
Mar.21
Notes receivable-Tamara Jackson
5000
Account receivable-Tamara Jackson
5000
Sep.17
Account receivable-Tamara Jackson
5275
Interest revenue-
275
Notes receivable-Tamara Jackson
5000
Dec.31
Allowance for doubtful account
5275
Account receivable-Tamara Jackson
5275
Principal
5000
rate
11%
Time
180/365
Total interest
275
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