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Advance accounting tool XXXVI - Extended Payment Terms On July 1, 20x7, James Company sold goods to Bond Company for P540,000 in exchange for a

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Advance accounting

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tool XXXVI - Extended Payment Terms On July 1, 20x7, James Company sold goods to Bond Company for P540,000 in exchange for a 4-year, zero-interest-bearing note with a face amount of P894,697.80. The goods have a cost on James's books of P354,000. Required: 1. Prepare the journal entries necessary on July 1, 20x7. 2. Prepare the journal entries necessary on December 31, 20x7

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