Answer to Question #270220 in Finance for Sindi Mio

Question #270220

1-On May 2, firm T, which sells machinery and equipment, received from a buyer a promising receipt with a term of 6 months, 8% interest and a principal value of 150,000 ALL.

2-After keeping the promissory note for a month, on June 2, firm T sold it to the bank with a discount rate of 12%.

3-On July 1, firm T sold a machine to buyer A. The buyer issued to firm T a promising receipt with a principal value of ALL 100,000, a term of 3 months and an interest rate of 6%.

4-On July 2, he sold a device to a client X on the condition of 2/10, n / 30 worth 40,000 ALL.

5-On August 2, client X was not able to pay the value of the device, so he agreed with firm T to pay the value of the device after 3 months. Client X issued to firm T a promising receipt with 5% interest

6-On October 1, buyer A shot to firm T the maturity value of the promissory note issued on July 1.

Required: To reflect economic events in the form of effects +/- in the relevant accounts

Expert's answer
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