Problem 8-2 (IAA) On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing note. The note payable was discounted by the bank at 12%. Required: appropriate journal EIVY y fnd- to e vecember 31 200 1. Prepare the journal entry to record the discoun amortization and payment of the note payable on June 2022, date of maturity
Problem 8-2 (IAA) On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing note. The note payable was discounted by the bank at 12%. Required: appropriate journal EIVY y fnd- to e vecember 31 200 1. Prepare the journal entry to record the discoun amortization and payment of the note payable on June 2022, date of maturity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 8-2 (with solution/explanation)
answer the number 4 only
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