Solution-What is the equity on the assigned accounts, as of

What is the equity on the assigned accounts, as of august

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Reference no: EM133173284

Question - The following transactions relate to A Inc. in 2020:

Aug 1: Assigned P6,000,000 of accounts receivable to P. Ocampo Bank under a non-notification basis. The bank advanced 75% of the face value of the receivables less a service charge of P2,500. A signed a promissory note agreeing to pay monthly interest of 1% of the unpaid balance of the loan.

Aug. 4: Issued a P60,000 credit memo for sales allowance granted to a customer whose account was assigned.

Aug 9: Collected 50% of the face value of the assigned accounts. Sales discounts of 3% were granted to 60% of the face value of the collected accounts.

Aug. 20: Remitted the collection to P. Ocampo along with the monthly Aug. interest. The payment of the monthly interest was paid first out of the collection of assigned accounts receivable.

Required - What is the equity on the assigned accounts, as of August 31, 2020?

Reference no: EM133173284

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What is the equity on the assigned accounts, as of august

Reference no: EM133173284

Reference no: EM133173284

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