A 180-day promissory note was issued by FDNACCT Co. on November 1, 2021 in exchange of goods bought from ACCT Company in the amount of P600,000. The note has an interest rate of 8%. How much Interest Income should be recorded for this particular note in the books of ACCT Company for the year ended December 31, 2021?

A 180-day promissory note was issued by FDNACCT Co. on November 1, 2021 in exchange of goods bought from ACCT Company in the amount of P600,000. The note has an interest rate of 8%. How much Interest Income should be recorded for this particular note in the books of ACCT Company for the year ended December 31, 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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