Problem 8-2 (IAA) On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing note. The note payable was discounted by the bank at 12%. Required: appropriate journal EIVY y fnd- to e vecember 31 200 1. Prepare the journal entry to record the discoun amortization and payment of the note payable on June 2022, date of maturity
Problem 8-2 (IAA) On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing note. The note payable was discounted by the bank at 12%. Required: appropriate journal EIVY y fnd- to e vecember 31 200 1. Prepare the journal entry to record the discoun amortization and payment of the note payable on June 2022, date of maturity
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 2P: Notes Payable and Effective Interest On November 1,2019, Edwin Inc. borrowed cash and signed a...
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Problem 8-2 (with solution/explanation)
answer the number 4 only
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