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latest Practical Accounting Quizzes
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Jenica Company pledge P4,000,000 of accounts receivable as a collateral for a P3,000,000 loan with a bank. The bank assessed a 10% finance fee on the amount of the loan and charge 8% annual interest on the note at maturity. What is the journal entry to record the transaction?
a. Debit cash P 3,000,000 and credit note payable P3,000,000. b. Debit cash P2,700,000, debit finance charge P300, and credit accounts receivable P3,000,000. c. Debit cash P2,700,000, debit finance charge P300,000, debit due from bank P1,000,000 and credit to accounts receivable P4,000,
note at maturity. What is the journal entry to record the transaction? a. Debit cash P 3,000,000 and credit note payable P3,000,000. b. Debit cash P2,700,000, debit finance charge P300, and credit accounts receivable P3,000,000. c. Debit cash P2,700,000, debit finance charge P300,000,
debit due from bank P1,000,000 and credit to accounts receivable P4,000, d. Debit cash P2,700,000, debit finance charge P300, and credit note payable P3,000, Jenica Company pledge P4,000,000 of accounts receivable as a collateral for a P3,000,000 loan with a bank. The bank assessed a 10% finance fee on the
c. Debit cash P2,700,000, debit finance charge P300,000, debit due from bank P1,000,000 and credit to accounts receivable P4,000, d. Debit cash P2,700,000, debit finance charge P300, and credit note payable P3,000, Jenica Company pledge P4,000,000 of accounts receivable as a collateral for a P3,000,000 loan with a
bank. The bank assessed a 10% finance fee on the amount of the loan and charge 8% annual interest on the note at maturity. What is the journal entry to record the transaction? a. Debit cash P 3,000,000 and credit note payable P3,000,000. b. Debit cash P2,700,000, debit finance charge P300,
receivable as a collateral for a P3,000,000 loan with a bank. The bank assessed a 10% finance fee on the amount of the loan and charge 8% annual interest on the note at maturity. What is the journal entry to record the transaction? a. Debit cash P 3,000,000 and credit note payable P3,000,000.
b. Debit cash P2,700,000, debit finance charge P300, and credit accounts receivable P3,000,000. c. Debit cash P2,700,000, debit finance charge P300,000, debit due from bank P1,000,000 and credit to accounts receivable P4,000, d. Debit cash P2,700,000, debit finance charge P300, and credit note payable P3,000,
years. n 5 i 12% Periodic payment 8000 FV factor 6. FV 50822.
