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 is amount was received from the note receivable discounting?
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Integrated Accounting
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
8th edition
1285462726, 1285462721, 978-1285462721
