Question
Proceeds from Notes Payable On September 1, Bella Salon Company issued a 30-day note with a face amount of $69,600 to Delilah Hair Products Company
Proceeds from Notes Payable
On September 1, Bella Salon Company issued a 30-day note with a face amount of $69,600 to Delilah Hair Products Company for merchandise inventory. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. $fill in the blank 1
b. Determine the proceeds of the note, assuming the note is discounted at 8%. $fill in the blank 2
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Advances In Accounting Volume 23
Authors: Philip M J Reckers
1st Edition
0762314257, 9780762314256
