Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Face Date Discount Rate Interest Proceeds Note Date of Note Value Rate Discounted Received 56,000 3/31/2021 56,000 3/31/2021 8% 6/30/2021 8% 9/30/2021 1 $ 10% 2 10% 3 56,000 3/31/2021 8% 9/30/2021 15% 120,000 6/30/2021 120,000 6/30/2021 120,000 6/30/2021 5% 10/31/2021 5% 10/31/2021 4 10% 5 15% 5% 11/30/2021 10%
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Face Date Discount Rate Interest Proceeds Note Date of Note Value Rate Discounted Received 56,000 3/31/2021 56,000 3/31/2021 8% 6/30/2021 8% 9/30/2021 1 $ 10% 2 10% 3 56,000 3/31/2021 8% 9/30/2021 15% 120,000 6/30/2021 120,000 6/30/2021 120,000 6/30/2021 5% 10/31/2021 5% 10/31/2021 4 10% 5 15% 5% 11/30/2021 10%
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 19MC: Which of the following is true of a maturity date? A. It must be calculated in days, not in months...
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![Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity
date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received
from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole
dollar.)
Note Face
Value
Interest
Rate
Discount
Rate
Proceeds
Received
Date
Note
Date of Note
Discounted
56,000 3/31/2021
56,000 3/31/2021
8% 6/30/2021
8% 9/30/2021
1
$
10%
2
10%
3
56,000
3/31/2021
8%
9/30/2021
15%
4
120,000
6/30/2021
5% 10/31/2021
10%
120,000 6/30/2021
120,000 6/30/2021
5% 10/31/2021
5% 11/30/2021
15%
6
10%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84d687aa-79f5-4f03-8327-42c346ba63ba%2F4407e4a7-aa7f-4b63-b128-6063f80dab4f%2Fdiqcb5j_processed.png&w=3840&q=75)
Transcribed Image Text:Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity
date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received
from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole
dollar.)
Note Face
Value
Interest
Rate
Discount
Rate
Proceeds
Received
Date
Note
Date of Note
Discounted
56,000 3/31/2021
56,000 3/31/2021
8% 6/30/2021
8% 9/30/2021
1
$
10%
2
10%
3
56,000
3/31/2021
8%
9/30/2021
15%
4
120,000
6/30/2021
5% 10/31/2021
10%
120,000 6/30/2021
120,000 6/30/2021
5% 10/31/2021
5% 11/30/2021
15%
6
10%
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