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What should be the journal entry made by live co

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Problem 1: On June 15, 2020, Live Co. received from a customer a one-year, P100,000 note bearing annual interest of 10%. Due to dire need for cash, Live Co. discounted the note at Eastwest Bank at 12%, on January 15, 2021. Assuming that the note receivable discounting is accounted for as a conditional sale, what should be the journal entry made by Live Co. on January 15, 2021?

Reference no: EM132779848

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