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What amount of interest revenue will be recognized

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The next 6 questions pertain to this problem. Jose Carpio decided to invest P1,000,000 excess cash in a bank at 3% annual interest rate on March 1, 2019. Interest is paid on a monthly basis every 1st of the month.

Question 1: What amount of income will be recognized for the year ending, December 31, 2019?

Question 2: What amount of interest revenue will be recognized in 2020?

Question 3: What is the amount of interest receivable in 2020?

Question 4: Ace received a 6% 90-day P120,000 note from a customer on Dec. 1, 2019 in settlement of accounts receivable. What is the adjusting entry?

Question 5: On Oct 1, 2019, Ace borrowed P150,000 from a multi-purpose cooperative on a 6-month, 12% per annum note payable. The principal and interest are payable at the end of 6-months. What is the adjusting entry?

Reference no: EM132785562

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