NEVERMIND Company reported a balance of $43,000 in its Cash account at the end of the month. There were $20,000 deposits in transit and $15,000 of outstanding checks. The bank statement showed a balance of $50,000, service charges of $6,000 and the proceeds of note collected by the bank for the company. The note had a face value of $15,000? The interest on the note collected by the bank was a. $9,000 b. $6,000 c. $3,000 d. $12,000
NEVERMIND Company reported a balance of $43,000 in its Cash account at the end of the month. There were $20,000 deposits in transit and $15,000 of outstanding checks. The bank statement showed a balance of $50,000, service charges of $6,000 and the proceeds of note collected by the bank for the company. The note had a face value of $15,000? The interest on the note collected by the bank was a. $9,000 b. $6,000 c. $3,000 d. $12,000
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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NEVERMIND Company reported a balance of $43,000 in its Cash account at the end of the month. There were $20,000 deposits in transit and $15,000 of outstanding checks. The bank statement showed a balance of $50,000, service charges of $6,000 and the proceeds of note collected by the bank for the company. The note had a face value of $15,000?
The interest on the note collected by the bank was
a. $9,000
b. $6,000
c. $3,000
d. $12,000
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