Provide Answer A 90-day, 8% discounted note for $30,000 is receivedaccount on July 1.from acustomeronWhat are the proceeds from the note on July 1?(Assume 360 days in year)

To calculate the proceeds from the discounted note, we use the formula: Discount=Face Value×Discount…

Answered: A 90-day, 8% discounted note for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Similar questions

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A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required: 1.Compute the following using a 360-day year: a. Maturity value of the note $___________ b. Maturity date ___________ c. Interest $___________ 2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period ___________ b. Discount amount $___________ c. Proceeds $___________

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A 90-day, 8% discounted note for $30,000 is received account on July 1. from a customer on What are the proceeds from the note on July 1? (Assume 360 days in year)