Problem on Accruals of Income and Expense Arising from Issuance of Notes As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000 signed by Ma. Cristina Robles, dated November...

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PROBLEM ON ACCRUALS OF INCOME AND EXPENSE ARISING FROM INSSUANCE OF NOTE

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Problem on Accruals of Income and Expense Arising from Issuance of Notes<br>As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000<br>signed by Ma. Cristina Robles, dated November 16, 20A:<br>a. The journal entry in the book of Kadil Guiamad upon released of the money?<br>b. How much interest would be earned upon maturity of the note?<br>How much is the maturity value of the note?<br>d. How much interest earned by Mr. Kadil Guiamad as of Dec. 31, 20A?<br>e What is the required adjusting entry in the book of Mr. Kadil Guiamad to record<br>C.<br>accrued interest income as of December 31, 20A?<br>

Extracted text: Problem on Accruals of Income and Expense Arising from Issuance of Notes As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000 signed by Ma. Cristina Robles, dated November 16, 20A: a. The journal entry in the book of Kadil Guiamad upon released of the money? b. How much interest would be earned upon maturity of the note? How much is the maturity value of the note? d. How much interest earned by Mr. Kadil Guiamad as of Dec. 31, 20A? e What is the required adjusting entry in the book of Mr. Kadil Guiamad to record C. accrued interest income as of December 31, 20A?

Jun 10, 2022

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Problem on Accruals of Income and Expense Arising from Issuance of Notes As of December 31, 20A, Mr. Kadil Guiamad holds a 60-day, 10% note of P240,000 signed by Ma. Cristina Robles, dated November...

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