8. XX The entry to record discounting a note with interest income is: a. Cash XX Interest Expense XX Notes Receivable XX b. Cash Notes Receivable XX Interest Income XX ci Notes Receivable XX Interest Income XX Cash XX d. Notes Receivable Interest Expense XX Cash XX XX 9. If a 120-day, 11% note, with a face value of $7,000 is discounted after being held for only 3 days and the bank's discount rate is 17%, how much is the discount? a $10.63 b. $400.93 c. $275 d. $7,764 If a 120-day, 11% note, with a face value of $7,000 is discounted after being held for only 3 days and the bank's discount rate is 17%, what are the proceeds? $10.63 b. $11.01 c. $275 d. $6,855.73 10. a