Weba. Maturity value less the discount at 12% b. Face value less the discount at 15% c. Face value less the discount at 12% d. Maturity value less the discount at 15%. 22 a note receivable is discounted with recourse. a. Note receivable discounted is credited b. Liability for note receivable discounted is credited c. A contingent liability does ... WebApr 1, 2024 · Business Finance On April 1, 2024 ZAB Company discounted with recourse a 9-month, 10% note dated January 1, 2024 with face amount of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of contingent liability. On October 1, 2024, the maker dishonored the note …
Discounting Notes Receivable - CliffsNotes
http://www.vernimmen.com/Practice/Glossary/definition/Discounting%20with%20recourse.html WebJul 31, 2024 · On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. lightweight large bolt knobs
With Recourse - definition of With Recourse by The Free Dictionary
WebApr 1, 2024 · Business Accounting On April 1,2024, Aljean Company discounted with recourse a 9-month, 10% note dated January 1, 2024 with face amount of P6,000,000. … WebOn August 31, 2024, an entity discounted with recourse a note at the bank at discount rate of 15%. The note was received from the customer on August 1, 2024 for 90 days with face amount of P9,000,000 and an interest rate of 12%. The discounting transaction is accounted for as secured borrowing. WebDepending on certain criteria, a note receivable discounted with recourse is recognized as a. Conditional sale b. Secured borrowing c. Either as conditional sale or secured borrowing d. Neither conditional sale nor secured borrowing Answer : C. IF a note receivable is discounted without recourse a. The contingent liability may be disclosed. b. lightweight laptops 15 inch screen