During the first month, Marsh collected P260,000 on assigned accounts. This amountcharged a 4% commission on the face amount of the loan, and the note bears interest atCompany by Marsh, Inc., as security for a loan of P400,000. The finance companyAccounts receivable in the amount of P500,000 were assigned to the Fast FinancePROBLEM 29% per year.During the first month, Marsh collected P260.000 on assigned accounts. This awas remitted to the finance company along with one month's interest on the note.de?InstructionsMake all the entries for Marsh Inc. associated with the transfer of the accounts receivabie.the loan, and the remittance to the finance company.

PROBLEM 2 bluw Accounts receivable in the amount of P500,000 were assigned to the Fast Finance Company by Marsh, Inc., as security for a loan of P400,000. The finance company charged a 4% commission on the face amount of the loan, and the note bears interest at 9% per year. During the first month, Marsh collected P260,000 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the noto Instructions Make all the entries for Marsh Inc. associated with the transfer of the accounts receivable. the loan, and the remittance to the finance company.

PROBLEM 2 bluw Accounts receivable in the amount of P500,000 were assigned to the Fast Finance Company by Marsh, Inc., as security for a loan of P400,000. The finance company charged a 4% commission on the face amount of the loan, and the note bears interest at 9% per year. During the first month, Marsh collected P260,000 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the noto Instructions Make all the entries for Marsh Inc. associated with the transfer of the accounts receivable. the loan, and the remittance to the finance company.

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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