(I) Dimple Company provides the following information in connction with e Company provides the following information in connection with a bank loan. March 1 Dimple Company borrows P 2,000,000 from bank on a six-month note carrying an interest of 12% per annum. Accounts of P 3,000,000 are pledged to secure the loan. Plodged accounts of P 1,000,000 are collected minus 2% discount. The remaining pledged accounts are collected The bank loan is repaid plus intcrest. April 1 June I September 1 Prepare necessary journal entries to record the ahove transactions (2) Expert Corporation secured a one-year bank loan of P 4,000,000 on October 1, 2009. The loan is discounted at 10% The corporation signed a note for the loan and pledged P 5,000,000 of its accounts receivable as collateral for the same. The accounting period of the corporation ends on December 31, (a) Prepare all entries, including adjustment from the date of loan up to date ef maturity. (b) Balance sheet presentation of the bank loan with adeqguate disclosure on December 31, 2009. (3) Accord Company had the following transactions during 2009: Accord assigned P 4,000,000 of accounts receivable to a bank in consideration of a loan The bank advanced 80% of the assigned accounts receivable less servicc charge of 5% based on the amount of the loan. Customers were not notified of the assignment: thus Accord continues to make the collection. July 1 60 Lecture Notes in Financial Accounting 1 Accord issuod a credit memo to a customer, whose account is assigned with the bank, for defective merchandise returned amounting to P150,000. Collections of P 2,500,000 were made from the assigned accounts, less 2% cash discount Remittod the collections of P 2,500,000 to the bank plus interest fro one month at a rate of 18% per year July 21 July 31 August 1 August 15 Assigned accounts amounting to P 50,000 were found to be worthless and were writen off August 31 Collections of P 1,000,000 were made from the assigned accounts September I Paid the balance due to the bank plus interest. The balance in the assigned accounts, if any, is reverted to unassigned accounts after final settlement with the bank Prepare necessary journal entries to record the above transactions. EXERCISES- Part 2 (1) Dimple Company provides the following information in connection with a ba nk loan. March 1 Dimple Company borrows P 2,000,000 from bank on a six-month note carrying an interest of 12% per annum. Accounts of P 3,000,000 are pledged to secure the loan. Pledged accounts of P 1,000,000 are collected minus 2% discount. The remaining pledged accounts are collected. The bank loan is repaid plus interest. April 1 June 1 September 1 Prepare necessary journal entries to record the above transactions