Instructions On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank The note has a face value of $10,000 and a maturity value (principal plus interest) of $10,400 The discount is calculated to be $360, and the accrued interest income is $100 The recourse liability is estimated to be $1,000 Required Prepare the journal entry of Phillips to record the sale of the note receivable

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Instructions On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to...

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Financial Accounting Information for Decisions

ISBN: 978-1259533006

8th edition

Authors: John J. Wild

Posted Date: May 27, 2024 04:00 PM

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Instructions On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to...

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Financial Accounting Information for Decisions

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