On july 31, 2020, Clear company discounted at the bank a customer's P 600,000 interest-bearing note, 6 month, 10% note receivable dated May 31, 2020. The bank discounted the note at 12% The net proceeds from this discounted note is a. 604,800 b. 617,400 c. 564,000 d. 576,000
On july 31, 2020, Clear company discounted at the bank a customer's P 600,000 interest-bearing note, 6 month, 10% note receivable dated May 31, 2020. The bank discounted the note at 12% The net proceeds from this discounted note is a. 604,800 b. 617,400 c. 564,000 d. 576,000
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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On july 31, 2020, Clear company discounted at the bank a customer's P 600,000 interest-bearing note, 6 month, 10% note receivable dated May 31, 2020. The bank discounted the note at 12%
The net proceeds from this discounted note is
a. 604,800
b. 617,400
c. 564,000
d. 576,000
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