On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was received from a customer's overdue account. The note is dated April 6, 2021. The bank's discount rate is 10%. On maturity date, the maker dishonored the note and the bank charged Gordon including a protest fee of P1,000. What is the amount charged to Accounts Receivable upon dishonor of the note?
On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was received from a customer's overdue account. The note is dated April 6, 2021. The bank's discount rate is 10%. On maturity date, the maker dishonored the note and the bank charged Gordon including a protest fee of P1,000. What is the amount charged to Accounts Receivable upon dishonor of the note?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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25.On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was received from a customer's overdue account. The note is dated April 6, 2021. The bank's discount rate is 10%. On maturity date, the maker dishonored the note and the bank charged Gordon including a protest fee of P1,000.
What is the amount charged to
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