Fill blank on correct answer for this accounting question Chang Co. issued a $45,300, 120-day, discounted note toGuarantee Bank. The discount rate is 11%. Assuming a 360-day year, the cash proceeds to Chang Co. arethe answer to the nearest whole dollar.a. $50,283b. $45,715c. $43,639d. $45,300Round

Step 1: Define Simple Discount NoteA discount note is a way of borrowing money and is usually issued…

Answered: Chang Co. issued a $45,300, 120-day,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 2CE

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Dynatech Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $141,100 cash to A. Bouchard on a one-year, 9% note. Sold goods to Wright Inc., receiving a two-month, 6%, $31,000 note. Interest is due at maturity. The goods cost $19,344. 1 Dec. Received a six-month, 6%, $34,080 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. 15 Feb. 1 Collected the amount owing on the Wright note. 28 Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. 28 Analyzed each note and estimated that uncollectible notes at year end totalled $25,544. Record the above transactions for Dynatech Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole…

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Chang Co. issued a $45,300, 120-day, discounted note to Guarantee Bank. The discount rate is 11%. Assuming a 360- day year, the cash proceeds to Chang Co. are the answer to the nearest whole dollar. a. $50,283 b. $45,715 c. $43,639 d. $45,300 Round