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%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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Ab. 114.
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