ABC Company reported a balance of P258,000 in its Cash account at the end of the month.  There were P120,000 deposits in transit and P90,000 outstanding checks. The bank statement showed a balance of P300,000, service charges of P36,000 and the proceeds of a note collected by the bank for the company.  The note had a face value of P90,000.

The interest on the note collected by the bank was?

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To determine the interest on the note collected by the bank we need to calculate the di... View the full answer