D. On Jan 1, 2023, BRITAIN Company who is currently experiencing collection issues with its receivables, pledged its accounts receivable amounting to P5,000,000 to a bank. In return, the company issued a 2-year 7% P4,000,000 promissory note. Interest is payable every Dec 31. Required: Journal entries for the year 2023.
D. On Jan 1, 2023, BRITAIN Company who is currently experiencing collection issues with its receivables, pledged its accounts receivable amounting to P5,000,000 to a bank. In return, the company issued a 2-year 7% P4,000,000 promissory note. Interest is payable every Dec 31. Required: Journal entries for the year 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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hmm.118.
Transcribed Image Text:D. On Jan 1, 2023, BRITAIN Company who is currently experiencing collection issues with its
receivables, pledged its accounts receivable amounting to P5,000,000 to a bank. In return, the
company issued a 2-year 7% P4,000,000 promissory note. Interest is payable every Dec 31.
Required: Journal entries for the year 2023.
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