bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a 15% discount rate. Use the 360-day method. Face Value $5,200 Time 90 days Date May 10th Rate 15%. I don't know to get the bank discount? Please help.
bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a 15% discount rate. Use the 360-day method. Face Value $5,200 Time 90 days Date May 10th Rate 15%. I don't know to get the bank discount? Please help.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...
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Find the bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a 15% discount rate. Use the 360-day method. Face Value $5,200 Time 90 days Date May 10th Rate 15%.
I don't know to get the bank discount?
Please help.
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