7) In On December 31, 2020, an adjusting entry was made to accrue interest for a P60,000, 120-day, 8% note payable which represented a loan from a bank. If interest expense was debited for P120, when was the note payable issued? (Assume a 360-day year)

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Anw. PLs number 7! Thanks 

7) In On December 31, 2020, an adjusting entry was made to accrue interest for a P60,000, 120-day,
8% note payable which represented a loan from a bank. If interest expense was debited for P120,
when was the note payable issued? (Assume a 360-day year)
Transcribed Image Text:7) In On December 31, 2020, an adjusting entry was made to accrue interest for a P60,000, 120-day, 8% note payable which represented a loan from a bank. If interest expense was debited for P120, when was the note payable issued? (Assume a 360-day year)
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