Answered: FDN Company received a 60-day 10%…

FDN Company received a 60-day 10% promissory note as settlement for goods sold on March 1, 2022 for P25,500. How much should be debited to Cash upon collection of the note on maturity date?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

FDN Company received a 60-day 10% promissory note as
settlement for goods sold on March 1, 2022 for P25,500. How
much should be debited to Cash upon collection of the note on
maturity date?

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