Please help with fields in yellow on 1st photo as well as all journal entries fo
ID: 2335676 • Letter: P
Question
Please help with fields in yellow on 1st photo as well as all journal entries for the 2nd photo. Thank you! : D
Exercise 7-14 Dishonoring a note LO P4 Following are selected transactions for Ridge Company Mar. 21 Accepted a $3,600, 180-day, 11% note dated March 21 from Tamara Jackson in 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.) Answer is not complete 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 0 Through Maturity Principal Rate (%) Time Total interest S 3,600 11% 180/360 396 K Interest Amounts General Journal>Explanation / Answer
Total Through Maturity Principal 3600 Rate (%) 11% Time 180/360 Total interest 198 Date General Journal Debit Credit 21-Mar Notes receivable—T. Jackson 3,600 Accounts receivable—T. Jackson 3,600 17-Sep Accounts receivable—T. Jackson 3,798 Interest revenue 198 Notes receivable—T. Jackson 3,600 31-Dec Allowance for doubtful accounts 3,798 Accounts receivable—T. Jackson 3,798