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, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds received from the bank on discounting the note. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Note 1 2 3 4 5 6 Note Face Value $ Date of Note 3/31/2024 3/31/2024 50,000 3/31/2024 80,000 6/30/2024 80,000 6/30/2024 80,000 6/30/2024 50,000 50,000 Interest Rate Date Discounted 8% 6/30/2024 8% 9/30/2024 8% 9/30/2024 6% 10/31/2024 6% 10/31/2024 6% 11/30/2024 Discount Rate 10% 10% 12% 10% 12% 10% Proceeds Received
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, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds received from the bank on discounting the note. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Note 1 2 3 4 5 6 Note Face Value $ Date of Note 3/31/2024 3/31/2024 50,000 3/31/2024 80,000 6/30/2024 80,000 6/30/2024 80,000 6/30/2024 50,000 50,000 Interest Rate Date Discounted 8% 6/30/2024 8% 9/30/2024 8% 9/30/2024 6% 10/31/2024 6% 10/31/2024 6% 11/30/2024 Discount Rate 10% 10% 12% 10% 12% 10% Proceeds Received
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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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, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds
received from the bank on discounting the note.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Note
1
2
3
4
5
6
Note Face
Value
$
Date of Note
50,000
3/31/2024
50,000
3/31/2024
50,000 3/31/2024
80,000 6/30/2024
80,000 6/30/2024
80,000 6/30/2024
Interest
Rate
Date
Discounted
6/30/2024
8%
8% 9/30/2024
8% 9/30/2024
6% 10/31/2024
6% 10/31/2024
6% 11/30/2024
Discount
Rate
10%
10%
12%
10%
12%
10%
Proceeds
Received](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5fca61a7-5ba6-4ee8-913f-3944636f5ce1%2Fc2e2c309-c891-410f-8339-936b4137c255%2Fpep2wq_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, 2024, and the principal and interest are due at maturity. For each situation, determine the proceeds
received from the bank on discounting the note.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Note
1
2
3
4
5
6
Note Face
Value
$
Date of Note
50,000
3/31/2024
50,000
3/31/2024
50,000 3/31/2024
80,000 6/30/2024
80,000 6/30/2024
80,000 6/30/2024
Interest
Rate
Date
Discounted
6/30/2024
8%
8% 9/30/2024
8% 9/30/2024
6% 10/31/2024
6% 10/31/2024
6% 11/30/2024
Discount
Rate
10%
10%
12%
10%
12%
10%
Proceeds
Received
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