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Following are selected transactions for Ridge Company Mar. 21 Accepted a S16, 000, 180-day, 8% note dated March 21 from Tamara Jackson in granting a Sept. 17 Jackson dishonored her note when it is presented for payment. time extension on her past-due account receivable Dec. 31 After exhausting all legal means of collectio n, Ridge Company wrote off Jacksons 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. General ournal Amounts Complete the table to calculate the interest amounts at September 17 Principal Rate (%) Total interest General Journal > Prev 1 of 17Next> Next >
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Answer #1

1) Total through maturity

Prinicipal = $16000

Rate = 8%

Time = 180/360

Total interest = $640

2)

Date Accounts title Dr Cr
21 mar Notes receivable - tamra jackson 16000
To Accounts receivable - tamra jackson 16000
17 Sept Accounts receivable - tamra jackson 16640
To Interest revenue [16000 * 8% * 180/360] 640
To Notes receivable - tamra jackson 16000
31 Dec Allowacne for doubtful accounts 16640
To  Accounts receivable - tamra jackson 16640
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