On September 1, 2020, Thunder Company received an P80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. On October 2, 2020, thirty days after the note was received, Thunder discounted the note at the bank at 14%. How much cash did Thunder Company receive from the bank? * On September 1, 2020, Thunder Company received an P80,000, 12%, 120-daynote from a credit customer wishing to extend its repayment period. On October2, 2020, thirty days after the note was received, Thunder discounted the note atthe bank at 14%. How much cash did Thunder Company receive from the bank? *

Answered: How much cash did Thunder Company…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...

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On September 1, 2020, Thunder Company received an P80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. On October 2, 2020, thirty days after the note was received, Thunder discounted the note at the bank at 14%. How much cash did Thunder Company receive from the bank? *

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