Question
On May 7, North company sold goods for $40,000 and accepted a 10%, 60day note. On May 22, the company sold the note to a
On May 7, North company sold goods for $40,000 and accepted a 10%, 60day note. On May 22, the company sold the note to a bank at a 13% discount rate.
What is the amount of interest revenue and the loss on sale of the note ? (show calculation)
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Managerial Accounting For Undergraduates
Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.
1st Edition
1618531123, 9781618531124
