Proceeds from notes payable Obj. 1 On October 12, Belleville Co. borrowed cash from Texas Bank by
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Proceeds from notes payable Obj. 1 On October 12, Belleville Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $70,000.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
AppendixLO1
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Related Book For
Corporate Financial Accounting
ISBN: 9781337398176
15th Edition
Authors: Carl Warren, Jefferson Jones
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