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Compute the interest expense recognized in year one

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Q1. Prepare journal entries for the following transactions from Movie Mart.

a. Customer Ellie Monk purchased P43,820 worth of merchandise from Movie Mart, costing Movie Mart P28,745. Terms of the sale are 3/10, n/60, invoice dated September 10.

b. Ellie Monk pays in full with cash for her purchase on September 22.

Q2. Campus Flights takes out a bank loan in the amount of P200,500 on January 1. The terms of the loan include a repayment of principal in ten equal installments annually of P36,090. The annual interest rate on the loan is 8%, recognized on December 31.

a. Compute the interest expense recognized in year 1.

b. Compute the principal due in year 2.

Reference no: EM132948105

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