On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2020. If Maricris’s fiscal year ends September 30, 2019, an adjusting entry is needed to:? Increase notes receivable by P250 Increase interest revenue by P1,000 Increase interest receivable by P250 Increase notes receivable by P1,000
On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2020. If Maricris’s fiscal year ends September 30, 2019, an adjusting entry is needed to:? Increase notes receivable by P250 Increase interest revenue by P1,000 Increase interest receivable by P250 Increase notes receivable by P1,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2020. If Maricris’s fiscal year ends September 30, 2019, an adjusting entry is needed to:?
Increase notes receivable by P250
Increase interest revenue by P1,000
Increase interest receivable by P250
Increase notes receivable by P1,000
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