Please provide explanation and solution for my guidance thank you ?? Take time to answer ? Im not in a rush :)

Problem 9-4 (LAA) Neophyte Company has experienced a critical cash flow problem largely occasioned by collection problems with customers 1570 The note was recent term 90 days, had Consequently, it has become involved in a number of an interest rate of transactions relating to notes receivable. The customer paid The following transactions occurred during a period ending the date of matu December 31: Required: May 1 Received a P200,000, 90-day, 12% interest bearing note from EF, a customer, in settlement of an Prepare journal account. Received a P300,000, six-month, 12% interest bearing receivable, assur note from MN, a customer, in settlement of an account. secured borro July 30 EF defaulted on the P200,000 note. Aug. 1 Discounted the MN note at the bank at 15%. Problem 9-6 (I Sept. 1 Received a one-year noninterest bearing note from DJ, a customer, in settlement of a P120,000 account On January 1, receivable. The face of the note was P132,000. carrying amoun 28 Collected the defaulted EF note plus accrued 10% note with f interest 12% per annum on the total amount due. Oct. 1 Received a P500,000, 90-day note from RS, a The 10% rate p customer. The note was in payment for goods sold this type of note and was interest bearing at 12%. Nov. 1 MN defaulted on the P300,000 note. The entity paid the bank the total amount due plus a P12,000 protest On April 1, 2020 fee and other bank charges. The bank disco Dec. 30 Collected RS note in full. is accounted fo 31 Collected from MN in full including interest on total amount due at 12% since default date. On October 1 receivable. The Required: the note plus p Prepare journal entries to record the transactions assuming On December any discounting of note receivable is accounted for as note receivable conditional sale with recognition of a contingent liability. amount due. Required: 264 Prepare journsh flow probley customers Problem 9-5 (LAA) On August 31, 2020, Stable Company discounted with a number recourse a customer's note at the bank at discount rate of 15%. The note was received from the customer on August 1, 2020, period endin term 90 days, had a face amount of P5,000,000, and carried an interest rate of 12%. The customer paid the note to the bank on October 30, 2020, nterest bearing the date of maturity. tlement of a Required: interest bearing Prepare journal entries related to the discounting of note nt of an account receivable, assuming the discounting is accounted for as a secured borrowing. k at 15%. ring note from Problem 9-6 (IAA) 20,000 account On January 1, 2020, Machete Company sold land with P132,000. carrying amount of P1,500,000 in exchange for a 9-month, plus accrue 10% note with face value of P2,000,000. al amount du te from RS, The 10% rate properly reflects the time value of money for this type of note. for goods so On April 1, 2020, the entity discounted the note with recourse. The entity pay The bank discount rate is 12%. The discounting transaction P12,000 protest is accounted for as a secured borrowing. On October 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of nterest on to the note plus protest fee of P10,000. te. On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. tions assum Required: counted for ent liability Prepare journal entries to record the transactions. 265Problem 9-7 (LAA) After holding the note Chameleon Company provided the following data for the current year. 1. What amount of cash 1 Received from Aye Company a P5,000,000, 120% June 90-day note for merchandise sold. 1 Received from Bee Company a P6,000,000, 10% July 60-day note in full payment of an account. C. 618,000 d. 495, 238 1 Discounted the Aye Company note at the bank 2 What is the loss on not at 12%. 16 Discounted the Bee Company note at the bank 2. 20,000 at 12%. b. 13,000 August 30 The bank notified Chameleon Company that the C. 7,000 Bee Company note was paid. 30 The bank notified Chameleon Company that Aye Problem 9-9 (AICPA A Company defaulted on the note and charged the amount of principal, interest and a fee of P20,000 On July 1, 2020, Jolly Con against Chameleon's bank account. P2000,000, 8-month, non Dec. 30 Received full payment from Aye Company for At the time of the sale the dishonored note plus 12% annual interest was 12%. The note was on the total amount due for four months. Required: 1. What amount was discounting? assumption: Prepare journal entries to record the transactions on the 1940,000 1938 000 1. The discounting of note receivable is accounted for as a . 1,900 000 secured borrowing. 2 1 880 000 2. The discounting of note receivable is accounted for a What is the conditional sale with recognition of contingent liability. 266