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On May 1, 202X, Dixon Company received a $27,000, 60-day, 12% note from Robertson Company dated May 1. On June 20, 202X, Dixon discounted
On May 1, 202X, Dixon Company received a $27,000, 60-day, 12% note from Robertson Company dated May 1. On June 20, 202X, Dixon discounted the note at Charlestown Bank at a discount rate of 15% View the Days in a Year table. Read the tasks. 1a. Calculate the maturity value. Maturity value 1b. Calculate the number of days the bank will hold the note until maturity date. Number of days the bank will hold the note until maturity date- 1c. Calculate the bank discount Bank discount 1d. Calculate the proceeds. Proceeds 2. Journalize the entry to record the proceeds. (Record debits first, then credits Exclude explanations from journal entries.)
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