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3. A 10% interest bearing promissory note for P50,000 was received from a customer on October 01, 2017. The note is due on September 30, 2018. a. How much is the interest earned by December 31, 2017? b. Give the entry to record the interest earned on December 31, 2017.

3. A 10% interest bearing promissory note for P50,000 was received from a customer on October 01, 2017. The note is due on September 30, 2018. a. How much is the interest earned by December 31, 2017? b. Give the entry to record the interest earned on December 31, 2017.

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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3. A 10% interest bearing promissory note for P50,000 was received from a customer on October 01, 2017. The note is due on September 30, 2018. a. How much is the interest earned by December 31, 2017? b. Give the entry to record the interest earned on December 31, 2017.
Transcribed Image Text:3. A 10% interest bearing promissory note for P50,000 was received from a customer on October 01, 2017. The note is due on September 30, 2018. a. How much is the interest earned by December 31, 2017? b. Give the entry to record the interest earned on December 31, 2017.
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