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Prepare all of the necessary journal entries

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Question - On July 1, 2021, ABC Co. borrowed P1,000,000 and issued a one-year note payable. The lender discounted the note at 12%.

Prepare all of the necessary journal entries under the following scenarios:

a. The note is due on lump sum on June 30, 2022. The effect of discounting is immaterial.

b. The note is due in equal quarterly installments starting September 20, 2021.

Reference no: EM133174458

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