Problemon november 1 2012 pampp products entered into an, Ask an Expert

Accounting

Problem:

On November 1, 2012 P&P Products entered into an agreement whereby P&P product accepted a discounted note payable for $2,000,000 ( A&A products received cash). The terms were 0% interest (market rate of interest is 6% ) and payable on May 1, of 2013.

Required:

Question: Make all necessary entries on the books of any products for 2012

Note: Please provide reasons to support your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165521

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