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What are the related journal entries to be made in katy inc

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If Katy Inc. resorted to assignment of A/R and that the related transactions are as follows:

Jul 31 - 50% of A/R were collected, with P20,000 discount availed by the customers. Katy issued a check to pay the interest for 1 month.
Aug 7 - Received notice from Taylor Financing that customers were granted returns amounting to P40, 000.
Aug 15 - Received notice from Taylor Financing that P850,000 of the assigned accounts has been collected. Excess cash after deducting the principal and interest of the loan is refunded to Katy Inc.

Problem 1: What are the related journal entries to be made in 2020?

Reference no: EM132778451

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