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A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the proceeds are: a. $170 b. $9,830 c. $10,000 d. $10,030

A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the proceeds are: a. $170 b. $9,830 c. $10,000 d. $10,030

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...
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A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the proceeds are: a. $170 b. $9,830 c. $10,000 d. $10,030
Transcribed Image Text:A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, the proceeds are: a. $170 b. $9,830 c. $10,000 d. $10,030
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