Question
A 60-day, 12% notes for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at
A 60-day, 12% notes for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, what is the amount of interest revenue or expense to be recorded by the payee of the note on May 21?
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Interest on Note 10000 12 60360 200 Discounti...
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
