The business received a 90-day promissory note of P20,000, carrying an interest of 12% per year. The promissory note is dated May 1, 200A and the Statement of Financial Position date of the business is June 30, 200A. The accrued expense is a. P200 b. P400 c. P800 d. P1,600

The business received a 90-day promissory note of P20,000, carrying an interest of 12% per year. The promissory note is dated May 1, 200A and the Statement of Financial Position date of the business is June 30, 200A. The accrued expense is a. P200 b. P400 c. P800 d. P1,600

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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