On April 17, 2016, Westside Co. accepted a 65,000, 8%, 90-day note from a customer. On June 11, the note was discounted at 10% under a conditional sale. At maturity date, the note was dishonored and the bank charged 1,250 protest fee. If on July 26, 2016, the customer pays the account due plus 8% interest. How Much Should Westside report as Loss from Notes Receivable Discounted and the total amount received on July 26,2016?

On April 17, 2016, Westside Co. accepted a 65,000, 8%, 90-day note from a customer. On June 11, the note was discounted at 10% under a conditional sale. At maturity date, the note was dishonored and the bank charged 1,250 protest fee. If on July 26, 2016, the customer pays the account due plus 8% interest. How Much Should Westside report as Loss from Notes Receivable Discounted and the total amount received on July 26,2016?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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