John's entity assigned P700,000 of accounts receivable to a bank under a nonnotification arrangement. The bank advances 80% less a service charge of P5,000. The entity signed a promissory note that provides for interest of 1% per month on the unpaid loan balance. The entry to record the assignment of accounts receivable will include a a. No entry needed b. Debit to accounts receivable-assigned, P700,000

John's entity assigned P700,000 of accounts receivable to a bank under a nonnotification arrangement. The bank advances 80% less a service charge of P5,000. The entity signed a promissory note that provides for interest of 1% per month on the unpaid loan balance. The entry to record the assignment of accounts receivable will include a a. No entry needed b. Debit to accounts receivable-assigned, P700,000

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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