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What should be the journal entry made by abc co

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Problem 1: On June 15, 2020, ABC Co. received from a customer a one-year, P100,000 note bearing annual interest of 10%. Due to dire need for cash, ABC Co. discounted the note at Metrobank at 12%, on January 15, 2021. Assuming that the note receivable discounting is accounted for as a conditional sale, what should be the journal entry made by ABC Co. on January 15, 2021?

Reference no: EM132778454

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