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?

Answer rating: 100% (QA)

SOLUTION To calculate the loss on discounting we first need to calculate the discount on the note Th... View the full answer