Answered: 3. A P96,000 12%, 120 day note was…

3. A P96,000 12%, 120 day note was received from a client dated Nov. 1, 2017. The interest was not yet collected at the end of December 31, 2017. ADJUSTING ENTRY;

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterB: Bad Debts

Section: Chapter Questions

Problem 2P: Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which...

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Question

3. A P96,000 12%, 120 day note was received from a client dated Nov. 1, 2017. The interest
was not yet collected at the end of December 31, 2017.
ADJUSTING ENTRY;
EFFECT IF NO ADJUSTING ENTRY MADE
Asset
Revenue
Liabilities
Expense
Net Income
Owner's equity

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