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Exercise 7-21 (Static) Dishonoring a note LO P4 Following are transactions for Ridge Company. March 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past due account receivable. September 17 Jackson dishonored her note. December 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 Septembe 17 and use the calculated value to prepare your journal entries.

Exercise 7-21 (Static) Dishonoring a note LO P4 Following are transactions for Ridge Company. March 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past due account receivable. September 17 Jackson dishonored her note. December 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 Septembe 17 and use the calculated value to prepare your journal entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 7-21 (Static) Dishonoring a note LO P4 Following are transactions for Ridge Company. March 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 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.
Transcribed Image Text:Exercise 7-21 (Static) Dishonoring a note LO P4 Following are transactions for Ridge Company. March 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 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.
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