Accompanying the bank statement was a credit memorandum for a short-term, noninterest-bearing note collected by the bank. What entry is required in the depositor’s accounts? a. Debit Cash; credit Miscellaneous Income b. Debit Cash; credit Notes Receivable c. Debit Accounts Receivable; credit Cash d. Debit Notes Receivable; credit Cash
7. Accompanying the bank statement was a credit memorandum for a short-term, noninterest-bearing note collected by the bank. What entry is required in the depositor’s accounts?
a. Debit Cash; credit Miscellaneous Income
b. Debit Cash; credit Notes Receivable
c. Debit Accounts Receivable; credit Cash
d. Debit Notes Receivable; credit Cash
8. On January 1, 2020, Point Luna Corporation sold inventory costing P1,800,000 with a list price of P2,200,000 and a cash price of P2,000,000 in exchange for a P2,400,000 noninterest-bearing note due on December 31, 2022. How much is the initial measurement of the receivable?
a. 1,800,000
b. 2,200,000
c. 2,000,000
d. 2,400,000
9. On January 1, 2020, ABC Co. sold a transportation equipment with a historical cost of P1,000,000 and
a. 68,331
b. 76,532
c. 85,714
d. 96,000
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