HELLO reported the following items on its December 31, 2020 trial balance: Accounts Payable, P1,089,000 · Advances to officers and employees, P45,000 · Unearned Income, P288,000 · Outstanding gift certificates issued, redeemable with merchandise, P258,000 · Cash surrender value of life insurance, P75,000 · Bonds payable, face value, P5,550,000 • Discounts on bond payable, P225,000 · Accrued interest receivable, P39,000
HELLO reported the following items on its December 31, 2020 trial balance: Accounts Payable, P1,089,000 · Advances to officers and employees, P45,000 · Unearned Income, P288,000 · Outstanding gift certificates issued, redeemable with merchandise, P258,000 · Cash surrender value of life insurance, P75,000 · Bonds payable, face value, P5,550,000 • Discounts on bond payable, P225,000 · Accrued interest receivable, P39,000
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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Question
How much should be reported in the December 31, 2020
*see attached picture
a. P 7,210,000
b. P 7,005,000
c. P 6,960,000
d. P 6,672,000
![HELLO reported the following items on its December 31, 2020 trial balance:
· Accounts Payable, P1,089,000
Advances to officers and employees, P45,000
· Unearned Income, P288,000
· Outstanding gift certificates issued, redeemable with merchandise, P258,000
· Cash surrender value of life insurance, P75,000
· Bonds payable, face value, P5,550,000
Discounts on bond payable, P225,000
Accrued interest receivable, P39,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3eee51f9-12e2-47f9-8f23-c415ecc6786e%2F76f6f350-da62-4065-ac05-162958c79f26%2F8v640f_processed.png&w=3840&q=75)
Transcribed Image Text:HELLO reported the following items on its December 31, 2020 trial balance:
· Accounts Payable, P1,089,000
Advances to officers and employees, P45,000
· Unearned Income, P288,000
· Outstanding gift certificates issued, redeemable with merchandise, P258,000
· Cash surrender value of life insurance, P75,000
· Bonds payable, face value, P5,550,000
Discounts on bond payable, P225,000
Accrued interest receivable, P39,000
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