FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and principal of P850,000 on October 1, 2021. How much should be recorded as interest expense for the year ended December 31, 2021?
FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and principal of P850,000 on October 1, 2021. How much should be recorded as interest expense for the year ended December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:FDNACCT Co. purchased merchandise and issued a twelve-month
promissory note with 8% interest and principal of P850,000 on
October 1, 2021. How much should be recorded as interest
expense for the year ended December 31, 2021?
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