The amount available under the line of credit is Prepare the appropriate journal entries through th- P30,000,000 at the prime bank rate. April 1 Arranged a 3-month bank loạn of P12,000,000 with Second Bank under the line of credit agreement- Interest at the prime rate of 8% was payable a maturity. July 1 Paid the 8% note at maturity. Nov. 1 Supported by the credit line, Rose Company issued P20,000,000 of commercial paper on nine-month note. Interest was discounted a issuance at a 6% discount rate. Dec, 31 Recorded any necessary adjusting entry. 2022 Aug. 1 Paid the commercial paper at maturity. Required: maturity of each liability.
The amount available under the line of credit is Prepare the appropriate journal entries through th- P30,000,000 at the prime bank rate. April 1 Arranged a 3-month bank loạn of P12,000,000 with Second Bank under the line of credit agreement- Interest at the prime rate of 8% was payable a maturity. July 1 Paid the 8% note at maturity. Nov. 1 Supported by the credit line, Rose Company issued P20,000,000 of commercial paper on nine-month note. Interest was discounted a issuance at a 6% discount rate. Dec, 31 Recorded any necessary adjusting entry. 2022 Aug. 1 Paid the commercial paper at maturity. Required: maturity of each liability.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 14EB: Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on...
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