ABC Company received a P1,800,000, 90-day, 12% note from a customer as payment for goods sold on August 31, 2020. On September 30, 2020, ABC Company discounted the note to Rang-ay Bank at 15% due to dire cash need. How much is loss on discounting to be recorded by ABC Company? A. P10.950 B. P46,350 C. P10,350 D. P14,850

ABC Company received a P1,800,000, 90-day, 12% note from a customer as payment for goods sold on August 31, 2020. On September 30, 2020, ABC Company discounted the note to Rang-ay Bank at 15% due to dire cash need. How much is loss on discounting to be recorded by ABC Company? A. P10.950 B. P46,350 C. P10,350 D. P14,850

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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