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Except from the records of the loans/discount Department are the following loan releases on
August 1, 2009: Service charge is 1/10 of 1% for each loan releases.
TYPE OF LOAN INTEREST RATE
The instructions of the borrowers are as follows:
Managers check of P100 000.00 and the balance to credit her savings account
B) X Corp.
Credit their demand Deposit
C) Peter D.
Credit his savings deposit account
Prepare the accounting entry using the ?contra? department account.
L & D Department
a) For Tessie Ong
For ?X Corp
c) For Peter Du
Using the same data in Problem 2, Prepare the following:
Income Service Charge
Loans / Discount Dept.
August 1 2009
Due form H.O/Br.
Accrued Interest Receivable
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