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ROBLEM I1 Dacca Co., ccount. On June 14, the note is discounted at the bank at the rate of 14%. a building construction company, holds
ROBLEM I1 Dacca Co., ccount. On June 14, the note is discounted at the bank at the rate of 14%. a building construction company, holds a 60-day, 12% note for S95 000, d ated May 15, which was received from a customer on a) Determine the maturity value of the note. b) Determine the number of days in the discount period. c) Determine the amount of the discount. Round to the nearest dollar. d) Determine the amount of the proceeds. e) Journalize the entry to record the discounting of the not on June 14. ENERAL JOURNAL PAGE 1 PR DEBIT CREDIT DESCRIPTION
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