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Hi, this may take a minute but i greatly appreciate your time. A Ltd received following bills during 2019. The bills were discounted at the
Hi, this may take a minute but i greatly appreciate your time.
A Ltd received following bills during 2019. The bills were discounted at the rates indicated below: Bill Date Principal Interest Term Date Discount amount rate discounted rate 9% 1 2 3 September, 1 August 19 July, 15 8,000 9,000 6,000 8% 120 days November, 2 90 days August 30 6 months October 15 12% 10% 8% 6% Identify each bill by number and calculate interest using 360 day" year and round all interest amounts to the nearest dollar. 1. Determine the due date and maturity value of each bill. 2. Determine the discount and proceeds from sale (discounting) of each bill. 3. Journalize the discounting of bills 1, 2 and 3Step by Step Solution
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