bank assesses a 3% finance fee and charges interest on the note at 6%. The journal entry to record thi would not include a a. Debit to cash for P970,000 b. Debit to finance charge for P30,000 c. Credit to notes payable for P1,000,000 d. Credit to accounts receivable for P1,000,000 mbers 2-3 ine Company factored P5,000,000 of accounts receivable. Control was surrendered by the entity. npany assessed a fee of 2% and retains a holdback equal to 10% of the accounts receivable. In addition npany charged 12% interest computed on a weighted average time to maturity of the accounts receivabl What is the amount initially received from the factoring of accounts receivable? a. 4,250,000 c. 4,700,685
bank assesses a 3% finance fee and charges interest on the note at 6%. The journal entry to record thi would not include a a. Debit to cash for P970,000 b. Debit to finance charge for P30,000 c. Credit to notes payable for P1,000,000 d. Credit to accounts receivable for P1,000,000 mbers 2-3 ine Company factored P5,000,000 of accounts receivable. Control was surrendered by the entity. npany assessed a fee of 2% and retains a holdback equal to 10% of the accounts receivable. In addition npany charged 12% interest computed on a weighted average time to maturity of the accounts receivabl What is the amount initially received from the factoring of accounts receivable? a. 4,250,000 c. 4,700,685
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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