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Prepare journal entries related to the discounting of note

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Question - On August 31, 2020, Stable Company discounted with recourse a customer's note at the bank at discount rate of 15%. The note was received from the customer on August 1, 2020, is for 90 days, has a face value of P5,000,000, and carries an interest rate of 12%. The customer paid the note to the bank on October 30, 2020, the date of maturity. Prepare journal entries related to the discounting of note receivable, assuming the discounting is accounted for as a secured borrowing.

Reference no: EM133180289

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