financial accounting: notes receivable

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Assignment-Notes Receivable: ABC Co. had the following promissory notes on December 31, 2017: Date of Note Face Value Maturity Date Interest Rate Per Annum May 01, 2016 P1,000,000 P200.000 every May 1 for 5 years Non-interest bearing Aug, 01, 2017 150,000 July 31, 2018 11% Oct. 01, 2017 750,000 P250,000 plus interest on outstanding 12% balance every Oct 1 Additional Information: A. The P1,000,000 note was for the sale of machinery with a cost of P1.200,000 and accumulated depreciation of P360,000. The effective interest rate for a note of this type is 12% B. The P150,000 note was for the sale of merchandise. C. The P750,000 note was issued by the president of ABC Co. in consideration for a loan extended to him the company For 2018. ABC Co. received the following notes: Date of Note Face Value Maturity Date Interest Rate Per Annum Mar. 01. 2018 P800,000) March 1, 2021 Non-interest bearing Nov. 01. 2018 500,000 P125.000 every Nov. 01 for 4 years Non-interest bearing Additional Information: A. The P800,000 note was issued by a customer in settlement of his account with ABC Co. The effective interest rate is 10% B. The P500,000 note was received as payment for the sale of land costing P350,000. A note of this type has an effective interest rate of 11% Note: The entity makes reversing entries for accrual of interest on January 1 of every year. REQUIRED: 1. Give the journal entry on May 1, 2016 to record the sale of machinery 2. Give the adjusting entry on Dec. 31, 2016 to amortize the uneared interest income on the P1,000,000 note. 3. Give the journal entry to record the sale of merchandise on Aug 1, 2017 4. Give the joumal entry to record the loan given to the President of ABC Co. on Oct. 1. 2017. 5. Give the entry for the amortization of uneared interest income on the P1,000,000 note in 2017. 6. Give the entry for the accrual of interest on the P150,000 note in 2017 7. Give the entry for the accrual of interest on the P750,000 note in 2017 For numbers 8 to 16 and 27 to 35, supply the missing figures for the partial balance sheet: Dec 31, 2017 Dec 31, 2018 Partial Balance Sheet Partial Balance Sheet Current Assets: Trade and Other Receivables Notes Receivable [8] [27] Less: Unearned Interest Income 191 [10] 1281 [29] Advances to President [11] [30] Interest Receivable 112 [31] Non-current Assets Other Non-current Assets: Notes Receivable [13] Less: Unearned Interest Income 114 115) 1331 (34) Advances to President [16] 135 Note: All answers are rounded off to the nearest peso, so they must not have any decimals, 17. Give the reversing entry on Jan. 01. 2018 18. Give the entry to record the collection of the P800.000 note in settlement of a customer's account on Mar. 1. 2018 19. Give the entry to record the collection of P200,000 on May 1, 2018. 20. Give the entry to record the collection of the P150.000 note on July 31, 2018 21. Give the entry to record the collection of the installment of the P750,000 note 22. Give the entry to record the sale of land on Nov. 1. 2018 23. Give the entry for the amortization of uneared interest income on the P1,000,000 note in 2018 24. Give the entry for the accrual of interest on the P750,000 face value note in 2018 25. Give the entry for the amortization of uneared interest income on the P800.000 note in 2018. 26. Give the entry for the amortization of unearned interest income on the P500.000 note in 2018. 32