Answered: A 60-day, 5% note for $7,200, dated…

A 60-day, 5% note for $7,200, dated April 15 is received from a customer on account. The face value of the note is the one listed below. Select the correct answer. $7,560 $7,200 $360 $7,260

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Question

100%

A 60-day, 5% note for $7,200, dated April 15 is received from a customer on account. The face value of the note is the one listed below.

Select the correct answer.

$7,560

$7,200

$360

$7,260

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