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What journal entry need to record transaction for hope corp

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Reference no: EM132940958

Hope Corp. sells a franchise for an initial fee of P1,400,000. A down payment of P400,000 is required, with the balance covered by a P1,000,000, 10% note payable in five equal annual installments.

Problem 1: If all the material services have been performed and collectability of the notes is reasonably assured, but the refund period has not yet expired, what journal entry is needed to record the transaction?

Reference no: EM132940958

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