10. On November 1, 20x1, Sunny Friday Co. discounted P1,000,000, 6-month, 12% note, received from a customer o Receivable financing - Discounting of Notes a P1,000,000, 6-month, 12% note, received from a customer July 1, 20x1, with a bank at 16%. on Requirement: Provide the entry on Nov. 1 under each of the following scenarios: the discounting is made on a (a) without recourse basis, (b) with recourse basis – conditional sale, and (c) with recourse basis secured borrowing. www
10. On November 1, 20x1, Sunny Friday Co. discounted P1,000,000, 6-month, 12% note, received from a customer o Receivable financing - Discounting of Notes a P1,000,000, 6-month, 12% note, received from a customer July 1, 20x1, with a bank at 16%. on Requirement: Provide the entry on Nov. 1 under each of the following scenarios: the discounting is made on a (a) without recourse basis, (b) with recourse basis – conditional sale, and (c) with recourse basis secured borrowing. www
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 18P
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