Question: I need a journal entry for these two. Thank you 1.ABC received a 5%, 6-month, P480,000 note from a customer when the latter purchased goods

I need a journal entry for these two. Thank you 1.ABC received a 5%, 6-month, P480,000 note from a customer when the latter purchased goods from ABC. The goods costed P360,000. What is the journal entry to record the receipt of the note? 2.ABC sold its old equipment for a 3-year, P1,500,000, note that pays 9% annually. Similar notes pay 11%. The equipment was recorded at P5,400,000 when it was acquired. On the date of disposal, it had a book value of P1,400,000. What is the journal entry to record the receipt of the note? You may use parenthetical solutions.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Math 200 - Project 1 This project will cover topics from chapters 1 through 4 of your textbook. All papers will need to be submitted in IvyLearn. You will be performing an analysis on a dataset that...

Answers to cybertext project. Fill in the blanks. Lengthy project. General ledger, unadjusted trail balance, statement of cash flows. adjusted trial balance, income statement. Need to finish by 11:00...

please answer all the questions ..I am really having problmes with those and I am getting ready for the final Thank you for S5 cash and colle ABC purchased a computer that cost $10,000. It had an...

XYZ received a 5%, 6-month, 380,000 note from a customer when the latter purchased goods from XYZ. The good costed 500,000. What is the journal entry to record the receipt of the note?

Two Discussion Questions. A minimum of 200 words per question. Both questions are attached to the word document and each chapter to both questions are attached to the PDF. Any references/citations...

Hi, Please help me with responding to the discussion questions below because I'm having a hard time answering them myself. I have been up all night, and I'm unable to figure them out. I uploaded a...

please help with the journal entry and the T chart for December. thank you! B7 J FOR COMPANIES SELLING NLY: You purcha C D A 6 Date Transaction FOR COMPANIES SELLING PRODUCTS ONLY: You purchase more...

i More Info AAA is a manufacturer of kitchen appliances. AAA markets its products via retail stores that are operated as franchises. As a AAA franchisee, All Around Appliance Manele Bay will receive...

I started to work on my project and I am way off. Wondering if you can help me figure out the General Journal Entries and where I have gone wrong. The adjusting entries I need to do are in the word...

Why is the cost of retained earnings the equivalent of the firms own required rate of return on common stock (Ke)?

Find the electric field a distance z from the center of a spherical surface of radius R (Fig. 2.11), which cames a uniform charge density a. Treat the case z R (outside). Express your answers in...

Suppose that points o n a heated metal plate are determined b y a n x y - coordinates system imposed o n the plate where x and y are measured i n c m . Also suppose that z = T ( x , y ) = 2 0 0 - x 2...

) What do you mean by method study? Describe critical examination the facts -) Describe the following :- i) Observed Time ii) Normal Time ii) Standard Time

Using 2019 IRS forms and the information below, prepare the federal income tax return for William and Joyce Jones. You are welcome to use any tax return preparation software. But you must include...

1- An analysis of the transactions made by Liam Agler & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and...

Prove formula 1-13 (1-12) curi (I--13) fs F n da (1-14) fc F di = fr div F de Is curl F n d

Mr. Braley hires Scotts Landscaping on April 1 st to mow his property for the next five months, April to August. Since Mr. Braley is a new customer, the company requests that Mr. Braley pay the full...

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

Intermediate: Preparation of functional budgets D Limited is preparing its annual budgets for the year to 31 December 2001. It manufactures and sells one product, which has a selling price of 150....

Intermediate: Preparation of functional budgets Data Wilmslow Ltd makes two products, the Alpha and the Beta. Both products use the same material and labour but in different amounts. The company...

Intermediate: Preparation of functions budgets, cash budget and master budget The budgeted balance sheet data of Kwan Tong Umbago Ltd is as follows: The estimates for the next four-month period are...