On September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12% note receivable dated June 30, 2020. The bank discounted the note at 15%. The proceeds from this discounted note amounted to P1,785,437.50 P1,813,000 OP1,855,000 P1,680,437.50

On September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12% note receivable dated June 30, 2020. The bank discounted the note at 15%. The proceeds from this discounted note amounted to P1,785,437.50 P1,813,000 OP1,855,000 P1,680,437.50

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 2CE

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Question

On September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12%
note receivable dated June 30, 2020. The bank discounted the note at 15%. The proceeds from this
discounted note amounted to
P1,785,437.50
P1,813,000
OP1,855,000
P1,680,437.50

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