Question: Problem 4 Hard Company accepted a P 5,000,000, 90-day, 12% note from a customer dated July 1, 2020. On August 31, 2020, the entity discounted

Problem 4 Hard Company accepted a P 5,000,000, 90-day, 12% note

Problem 4 Hard Company accepted a P 5,000,000, 90-day, 12% note from a customer dated July 1, 2020. On August 31, 2020, the entity discounted without recourse the note for 15%. Q1: What amount was received from the notes receivable discounting? Q2: What amount should be reported as a Joss on note receivable discounting? Q3: Prepare the entries to record the transactions

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