NOTE DATE PRINCIPAL INTEREST TERM AMOUNT RATE A August 31 Php 200,000 10% 6 months B October 19 Php 250,000 12% 90 days C November 11 Php 300,000 11% 1 year REQUIRED: Determine the due date, amount of interest, and maturity value of each note. Compute interest using a 360-day year for those notes with terms specified in days or years. Round all interest amounts to the nearest peso. 1. 2. Journalize a single adjusting entry at December 31, 2020 to record accrued interest revenue on all three notes. 3. Journalize the collection of principal and interest on Note B.

NOTE DATE PRINCIPAL INTEREST TERM AMOUNT RATE A August 31 Php 200,000 10% 6 months B October 19 Php 250,000 12% 90 days C November 11 Php 300,000 11% 1 year REQUIRED: Determine the due date, amount of interest, and maturity value of each note. Compute interest using a 360-day year for those notes with terms specified in days or years. Round all interest amounts to the nearest peso. 1. 2. Journalize a single adjusting entry at December 31, 2020 to record accrued interest revenue on all three notes. 3. Journalize the collection of principal and interest on Note B.

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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