Problem 1

2019
January 1 Notes Receivable PHP 400,000
Sales PHP 400,000
To record sales

June 30 Cash 118,091

Notes Receivable 90,091
Interest Income 28,000
Received first payment

December 31 Cash 118,091

Notes Receivable 96,397
Interest Income 21,694
Received second payment

Problem 2
2019
January 1 Notes Receivable PHP 1,000,000
Sales PHP 700,000
Unearned Interest Income 300,000
To record note received

December 31 Cash 400,000

Notes Receivable 400,000
Received first payment

Unearned interest income 150,000

Interest Income 150,000
To record earned interest income

Problem 3
2019
August 1 Notes Receivable PHP 300,000
Service Revenue PHP 171,526
Unearned interest income 128,474
To record note received

December 31 Unearned interest income 10,720

Interest Income 10,720
To record earned interest income
2020
December 31 Unearned interest income 27,337
Interest Income
To record earned interest income
Problem 4
2019
April 1 Notes Receivable PHP 1,560,000
Sales
Unearned Interest Income
To record note received

December 31 Unearned interest income 81,877

Interest Income
To record earned interest income
2020
April 1 Cash 260,000
Notes Receivable
Received first payment

December 31 Unearned Interest Income 98,423

Interest Income
To record earned interest income
Problem 5
2019
January 1 Cash PHP 180,000
Notes Receivable 540,000
Sales
Unearned interest income
To record note received

December 31 Unearned Interest Income 51,880

Interest Income
To record earned interest income
27,337
PHP 1,149,155
410,845

81,877

260,000

98,423

PHP 612,330
107,670

51,880