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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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