Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024. What is the balance of note receivable on July 1, 2022? On june 30,2023, what amount should be reported as accrued interest receivable on the note receivable
Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024. What is the balance of note receivable on July 1, 2022? On june 30,2023, what amount should be reported as accrued interest receivable on the note receivable
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024.
What is the balance of note receivable on July 1, 2022?
On june 30,2023, what amount should be reported as accrued interest receivable on the note receivable?
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