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As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000 signed by Ma. Cristina Robles, dated November 16, 20A: a. The journal entry in the book of Kadil Guiamad upon released of the money? b. How much interest would be earned upon maturity of the note? c. How much is the maturity value of the note? d. How much interest earned by Mr. Kadil Guiamad as of Dec. 31, 20A? e What is the required adjusting entry in the book of Mr. Kadil Guiamad to record accrued interest income as of December 31, 20A?

As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000 signed by Ma. Cristina Robles, dated November 16, 20A: a. The journal entry in the book of Kadil Guiamad upon released of the money? b. How much interest would be earned upon maturity of the note? c. How much is the maturity value of the note? d. How much interest earned by Mr. Kadil Guiamad as of Dec. 31, 20A? e What is the required adjusting entry in the book of Mr. Kadil Guiamad to record accrued interest income as of December 31, 20A?

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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ADJUSTING ENTRIES

PROBLEM ON ACCRUALS OF INCOME AND EXPENSE ARISING FROM INSSUANCE OF NOTE

 

 

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Problem on Accruals of Income and Expense Arising from Issuance of Notes As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000 signed by Ma. Cristina Robles, dated November 16, 20A: a. The journal entry in the book of Kadil Guiamad upon released of the money? b. How much interest would be earned upon maturity of the note? How much is the maturity value of the note? d. How much interest earned by Mr. Kadil Guiamad as of Dec. 31, 20A? e What is the required adjusting entry in the book of Mr. Kadil Guiamad to record C. accrued interest income as of December 31, 20A?
Transcribed Image Text:Problem on Accruals of Income and Expense Arising from Issuance of Notes As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000 signed by Ma. Cristina Robles, dated November 16, 20A: a. The journal entry in the book of Kadil Guiamad upon released of the money? b. How much interest would be earned upon maturity of the note? How much is the maturity value of the note? d. How much interest earned by Mr. Kadil Guiamad as of Dec. 31, 20A? e What is the required adjusting entry in the book of Mr. Kadil Guiamad to record C. accrued interest income as of December 31, 20A?
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