On July 10, 2022, FDNACCT Services received from client a 60-day, 12%, P148,000 note for services rendered. Unfortunately, the client dishonored the note on maturity date. At what amount should Interest Income account be credited on maturity date?

On July 10, 2022, FDNACCT Services received from client a 60-day, 12%, P148,000 note for services rendered. Unfortunately, the client dishonored the note on maturity date. At what amount should Interest Income account be credited on maturity date?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 6DQ

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