7) In On December 31, 2020, an adjusting entry was made to accrue interest for a P60,000, 120-day, 8% note payable which represented a loan from a bank. If interest expense was debited for P120, when was the note payable issued? (Assume a 360-day year)

7) In On December 31, 2020, an adjusting entry was made to accrue interest for a P60,000, 120-day, 8% note payable which represented a loan from a bank. If interest expense was debited for P120, when was the note payable issued? (Assume a 360-day year)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Anw. PLs number 7! Thanks

7) In On December 31, 2020, an adjusting entry was made to accrue interest for a P60,000, 120-day,
8% note payable which represented a loan from a bank. If interest expense was debited for P120,
when was the note payable issued? (Assume a 360-day year)

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