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A. On Sept 1, 20X1, Yellow Company received a 6-month 12% promissory note for the sale of goods, P100,000, Interest is payable monthly beginning Sept

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A. On Sept 1, 20X1, Yellow Company received a 6-month 12% promissory note for the sale of goods, P100,000, Interest is payable monthly beginning Sept 30 . REQUIRED: Journal entries from Sept 1 until the note matures. B. On Sept 1, 20X1, Orange Co sold goods for P240,000 from ABC Trading. ABC issued a 6-month 12% promissory note. Principal and interest is payable on maturity date. REQUIRED: Journal entries from Sept 1 until the note matures. C. On January 1, 20X1 Blu Corporation acquired a building for P10M. The entity paid P1M down and signed a non-interest bearing note for the balance. Note is payable in 3 equl annual installment every Dec 31. Prevailing rate for the note of this type is 12%. REQUIRED: 1. Journal entries to record the purchase of the building up to the settlement of the note. 2. Prepare an amortization table

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