1. RECEIVABLE ANALYSIS

2. 19127 ANALYSIS OF NOTES RECEIVABLE AND NOTES RECEIVABLE DISCOUNTING: BB Company has the following transactions in 2007 involving notes receivable: May 1 - received a P1M, 90-day, 12% interest bearing note from Two-A Company in settlement of account May 1 - received a P1.5M 6months, 12% interest bearing note from Two-B Co. in settlement of account. Jul 30- Two-A defaulted on the P1M note Aug 1 - Discounted Two-B note at a bank at 15% Sept 1 - received a 1yr non-interest bearing note from Two-C Co in settlement of a P600,000 accounts r receivable.The face value of the note was P660,000 Sept 28 - Collected the defaulted A Co note plus accrued interest at 12% per annum on the total amount due. Oct 1Received a P2,500,000 90-day note from One-D Co. the note is for the payment of goods purchased and bears interest at 12% Nov 1Two-B defaulted on the P1.5M note. BB Company paid the bank the total amount due plus P60,000 for protest fee and other bank charges. Dec 30Collected One-D Co. note in full Dec 31 - collected from Two-B Co. in full including interest on the total amount due at 12% since default date. Questions: How much is the proceeds from the discounted Two-B Company note on Aug 1, 2007 How much is the amount collected on Sept 28, 2007 on the defaulted Two-A Co. note The amount collected on Dec 31, 20078 on defaulted B Co. note How much is the interest income to be recognized in 2007 related to these transactions

3. Review of the notes receivable of JollyBi Co revealed the following A 4-month note dated Nov 30, 2007 from Act Co P200,000, 16% discounted on Nov 30, 2007 at 16% A draft drawn payable 30days after for P900,000 by JollyBi on the Charlie Trading in favor of Dexter Co endorsed to Jollybi on Dec 2, 2007 and accepted on Dec 4, 2007 A 90-day note dated Nov 1 2007 from E.Li P500,000, 16%. The note is for subscription to 5000 shares of preferred stock of JollyBi at P100 per share A 60-day note dated