i need this question answer General accounting A 90-day, 10% note for $20,000, dated March 1, isreceived from a customer on account. If the note isdiscounted on March 31 at 12%, what are theproceeds?a) $20,250b) $20,450c) $20,150d) $20,350

To find the proceeds from the note, here is the step-by-step solution.So the answer does not match…

Answered: A 90-day, 10% note for $20,000, dated…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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A 90-day, 10% note for $20,000, dated March 1, is received from a customer on account. If the note is discounted on March 31 at 12%, what are the proceeds? a) $20,250 b) $20,450 c) $20,150 d) $20,350