On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was received from a customer's overdue account.   The note is dated April 6, 2021.  The bank's discount rate is 10%.  On maturity date, the maker dishonored the note and the bank charged Gordon including a protest fee of P1,000. What is the amount charged to Accounts Receivable upon dishonor of the note?

Q: On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was…

A: Maturity value of the note = Face value of note + interest = P75,000 + (P75,000*8%*90/360) = P75,000…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P8,000,000 note from ABC Co. FDN immediately…

A: Total Interest Expense = Value of Notes receivable x Interest Expense

Q: On December 1, 2020, Lieza Mae assigned on a non notification basis accounts receivable of…

A: Current liability represents the obligation that has to be paid within a year.

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P7,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value of the not + Interest on the note = 7000000 +…

Q: On July 31, 2020, Clear Company discounted at the bank a customer's 600,000 interest-bearing note,…

A: Solution: Maturity value of note = Principal + Interest = 600,000 + (600,000*10%*6/12) = 600,000 +…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: Accounts receivable can be defined as the money balance due for the goods being delivered or…

Q: On January 16, Gee Company accepted a P600,000, 10%, 90-day note from a customer. On February 15,…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: On June 30, 2021, BTS Company factored P2,500,000 of accounts receivable for P2,250,000. The…

A: Loss on factored = (Accounts receivable - allowance for uncollectible accounts) - Amount received =…

Q: 1, 2020, DEF Company assigned specific accounts receivable totaling P5,000,000 as collateral on a…

A: A note payable( short tern loan) is taken from a bank and accounts receivables are given as…

Q: On April 1, 2020 XYZ Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Interest amount=P6000000×0.10×912=P350,000

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Discounting of notes receivable is a technique where in a business entity discounts its note…

Q: heridan, Inc. issued a $125,000, 4-year, 9% note at face value to Flint Hills Bank on January 1,…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: On July 31, 20A, ABC company discounted at the bank, a customer's 1,200,000, 6-month 10% notes…

A: Notes payable are signed arrangements (promissory notes) between two parties whereby one offered to…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P4,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value + interest = 4000000+4000000*8%*90/360 = 4080000

Q: On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing…

A: Bonds-  The note/bond issuer offers collateral as security in this type of transaction. Such…

Q: On October 31, 2022, BB Company discounted at the bank a customer’s P600,000 interest-bearing note,…

A: A credit sale by company, leads to creation of credit note which is interest bearing. Whnever the…

Q: On July 31, 2020, Clear Company discounted at the bank a customer's P600,000 interest-bearing note,…

A: The bill discount means getting money from bank against note receivable.

Q: 12. On November 1, 20x1, Forgive Co. discounted a P1,000,000, 90-day, 12% note, dated September 15,…

A: The amount owing to a corporation for goods or services delivered or used but not yet paid for by…

Q: On December 1, 2020 LOVELY Company assigned on a non-notification basis accounts receivable of…

A: Here interest  is charged  on loan balance  not on note payable

Q: X Corporation accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. On…

A: Simple interest = Principal ×Interest rate × Time =P400,000 × 10% × 612=P20,000   Maturity value =…

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Introduction: Accounts payable are a company's liabilities to its suppliers or other third parties.…

Q: On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of…

A:

Q: . On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on…

A: Discounted notes are a way for a business to reduce its receivable amount to meet its immediate…

Q: On july 31, 2020, Clear company discounted at the bank a customer's P 600,000 interest-bearing note,…

A: Maturity Value = Principal + (Principal * Rate * Time) = P 600,000 + (P 600,000 * 0.10 * 6/12) = P…

Q: On April 1, 2020 UVW Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Note receivables is an instrument issued for evidencing debt. It is generally issued for shorter…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: When an asset is exchanged at a fair price between two parties, the sum for which the asset is…

Q: On June 30, 2020, Dive Company discounted at the bank a customer's P6,000,000, 6-month, 10% note…

A: Solution 1: Maturity value of note = P6,000,000 + P6,000,000*10%*6/12 = P6,300,000 Net proceeds from…

Q: On December 31, 2021, LOL Company is experiencing extreme financial pressure and is in default in…

A: Debt restructuring is a process of modification in the terms of a loan obtained by a debtor from the…

Q: On April 1, 2020 RST Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Note receivable:  Note receivable refers to a written promise for the amounts to be received within…

Q: On Nov. 16, 2021, JUMBLE BEE sold with recourse a 10%, 60-day, P80,000 note receivable dated Nov. 1,…

A: Discounting a note with a resource means that the firm or business discounting the note agrees to…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Note receivable can be defined as a written contract between two parties under which one party…

Q: On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%,…

A: Maturity value of the note = Face value of note + interest = P500000 + (500000*8%*90/360) = P500,000…

Q: On July 1, 2020, Jolly Company sold goods in exchange for P2,000,000, 8-month, noninterest-bearing…

A: The notes receivable is an account in the balance sheet generally under the current assets if the…

Q: On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%,…

A: Maturity value of the note = Face value of note + interest = P500000 + (500000*8%*90/360) = P500,000…

Q: On Nov 1 2021, Calixo Co. accepted a 90 day, 8% $2,000,000 note from Harmony Trading. Calixo Co.…

A: Maturity value of the note = Face value + interest   = $2,000,000+2,000,000 *8%*90/360   =…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: The note payables are the amount that the business has to pay to the other person.

Q: On August 31, 2022, Prestige Co. discounted at a bank a customer's P1,200,000, 9-month, 10% note…

A: The discount of note receivable is a way to get money from bank against note receivable before due…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P9,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value of the not + Interest on the note = 9000000 +…

Q: . What is the loss on note receivable discounting?

A: 1. Net Proceeds from discounting =Maturity Value-Discount on note Maturity Value…

Q: n December 1, 2020, P Company assigned specific accounts receivable totaling P200,000 as collateral…

A: In the given situation, P Company takes a note payable of P150,000 by assigning collateral of…

Q: On 1 September 2021, ABC Bhd used its receivables totalling RM 350,000 as collateral on a 250,000,…

A: DATE PARTICULARS   DEBIT CREDIT           30.09.2019 Finance Charge Dr.        5,000.00…

Q: On June 04, FDN Company sold merchandise to ABC Company and accepted a 90-day, 12% P90,000 note.…

A: calculation of cash received upon discounting are as follows

Q: Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Notes receivable refers to an item which is present at the balance sheet of the company which…

Q: Misk, Inc. received from a customer a one-year, $750,000 note bearing annual interest of 9%. After…

A: Note Receivable is an asset for the firm that the account receivable would settle their account on…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: Account Receivable - It refers to the money that a company is owned by from the customers. It is the…

Q: On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual…

A:

Q: On December 1, 2022, Grenade Company assigned specific accounts receivable totaling P2,000,000 as…

A: When a borrower keeps the accounts receivable as collateral while borrowing money from a lending…

Q: A Company discounted a customer's 10%, 120-day note for P300,000 dated September 20, 2021 with BPI…

A: Solution: In case of discounting of note, proceeds received will be maturity value which is deducted…

Q: On December 1, 2020, ABC Company assigned specific accounts receivable totaling P5,000,000 as…

A: The amount of cash received is determined after deduction of finance fees @ 5% on accounts…