Question
On July 1, a company accepts a customer's $30,000, three-month, 8% note in settlement of an account receivable. On September 1, the company discounts the
On July 1, a company accepts a customer's $30,000, three-month, 8% note in settlement of an account receivable. On September 1, the company discounts the note at the Bank at 10%. What amount of cash proceeds did the company receive from the bank?
a.$29,750
b.$30,147
c.$30,345
d.$30,350
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Gleim CIA Review Part 2 Practice Of Internal Auditing
Authors: Irvin N. Gleim
2020 Edition
1618542648, 978-1618542649
