DE LA CRUZ Company received a 10%,180 day note from its customer on April 1, 2021. The note has a face value of P500,000. The company endorsed the note, without recourse, to a bank on May 31, 2021. The bank discounted the note at 12%. The debit to loss on discounting amounts at discount date amounted to?

DE LA CRUZ Company received a 10%,180 day note from its customer on April 1, 2021. The note has a face value of P500,000. The company endorsed the note, without recourse, to a bank on May 31, 2021. The bank discounted the note at 12%. The debit to loss on discounting amounts at discount date amounted to?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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