Answered: On Dec 15, Soul trading signed a…

On Dec 15, Soul trading signed a $120,000, 7%, 120-day not payable with the bank. The note was issued at a discount. How much cash did Soul trading receive from this transaction?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

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On Dec 15, Soul trading signed a $120,000, 7%, 120-day not payable with the bank. The note was issued at a discount. How much cash did Soul trading receive from this transaction?

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