Question
Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note
Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019.
On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2019.
What amount should be reported as loss on note receivable discounting?
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Financial Accounting The Impact on Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
9th edition
130565417X, 1305654174, 9781285972572 , 978-1285182964
