On September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12% note receivable dated June 30, 2020. The bank discounted the note at 15%. The proceeds from this discounted note amounted to P1,785,437.50 P1,813,000 OP1,855,000 P1,680,437.50
On September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12% note receivable dated June 30, 2020. The bank discounted the note at 15%. The proceeds from this discounted note amounted to P1,785,437.50 P1,813,000 OP1,855,000 P1,680,437.50
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 2CE
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