Question Eight: (15 points) A) Dab Company provides 1,200,000 of its account receivables to investment bank...
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Question Eight: (15 points) A) Dab Company provides 1,200,000 of its account receivables to investment bank for notes 600,000 on 1/10/2019. The investment bank collected 2.5 as bank financing charges and 8% interest on notes. Payment will be monthly according to collection of account receivables. On 31/10/2019 collected and paid 180,000, 30/11/2019 collected and paid 250,000 and 31/12/2019 collected 250000. Required: Journalize all entries for the notes and its settlement during the period? Question Eight: (15 points) A) Dab Company provides 1,200,000 of its account receivables to investment bank for notes 600,000 on 1/10/2019. The investment bank collected 2.5 as bank financing charges and 8% interest on notes. Payment will be monthly according to collection of account receivables. On 31/10/2019 collected and paid 180,000, 30/11/2019 collected and paid 250,000 and 31/12/2019 collected 250000. Required: Journalize all entries for the notes and its settlement during the period?
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Journal Entries Date Account Titles and Explanation Debit Credit 1102019 Notes Receivable 600000 ... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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