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

Step 1: Calculate the maturity value of the note:Interest = ($10,000 principal x 12% interest rate x…

Answered: A 60-day, 12% note for $10,000, dated…

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