Use liability method in requirement 1 and expense method in requirement 2 On Sept. 1, 2020, Mary
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Use liability method in requirement 1 and expense method in requirement 2
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On Sept. 1, 2020, Mary Cruz received a promissory note of P30,000 to support a loan she gave John Tapang. The note will run for six(6) months. Interest at 15% per annum was immediately deducted by May on Sept. 1. REQUIRED: 1. Prepare the entries of Mary Cruz on the following dates , assuming she uses the income method for pre-collections: a. Sept. 1, 2020 b. Dec. 31, 2020 (year-end) c. Jan. 1, 2021 d. March 1, 2021 2. Prepare the entries of John Tapang on the following dates (same as no. 1) assuming he uses the asset method for prepayments. re hoch On Sept. 1, 2020, Mary Cruz received a promissory note of P30,000 to support a loan she gave John Tapang. The note will run for six(6) months. Interest at 15% per annum was immediately deducted by May on Sept. 1. REQUIRED: 1. Prepare the entries of Mary Cruz on the following dates , assuming she uses the income method for pre-collections: a. Sept. 1, 2020 b. Dec. 31, 2020 (year-end) c. Jan. 1, 2021 d. March 1, 2021 2. Prepare the entries of John Tapang on the following dates (same as no. 1) assuming he uses the asset method for prepayments. re hoch
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Related Book For
Andersons Business Law and the Legal Environment
ISBN: 978-1305575080
23rd edition
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene
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