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Prepare the journal entries to record the transactions

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Question - On August 31, 2021, Fourth Company discounted with recourse a customers note at a bank at a discount rate of 15%. The note was received from the customer on August 21, 2020, terms 90 days, had a face amount of P5,000,000 and carried an interest rate of 12%. The customer paid the note to the bank on October 31, 2020, the maturity date. Prepare the journal entries to record the transactions assuming the discounting is accounted as a conditional borrowing.

Reference no: EM133155730

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