Bibimbap Company received from a customer a on-year, P500,000 note bearing annua nterest of 8%. After holding the note for four months, Bibimbap discounted the note, ecourse, at Bank of Seoul at a discount rate of 10%. At the date of discounting. Bibim vould receive cash of * P540,000 P50,000

Bibimbap Company received from a customer a on-year, P500,000 note bearing annua nterest of 8%. After holding the note for four months, Bibimbap discounted the note, ecourse, at Bank of Seoul at a discount rate of 10%. At the date of discounting. Bibim vould receive cash of * P540,000 P50,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 16EA: Mystic Magic issued a $120,250 note on January 1, 2018 to a customer, Amy Arnold, in exchange for...

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Question 15

Choose the correct answer from the choices.

Bibimbap Company received from a customer a on-year, P500,000 note bearing annual
interest of 8%. After holding the note for four months, Bibimbap discounted the note, without
recourse, at Bank of Seoul at a discount rate of 10%. At the date of discounting, Bibimbap
would receive cash of *
O P540,000
O P50,000
O P504,000
P522,000

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