The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $650 16 1 2 June 4 135 $ Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $) Sept. 9 19.5 $
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $650 16 1 2 June 4 135 $ Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $) Sept. 9 19.5 $
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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The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)
Face Value |
Interest Rate (%) |
Date of Note |
Term of Note (days) |
Maturity Date |
Maturity Value (in $) |
||
---|---|---|---|---|---|---|---|
$650 |
16
|
June 4 | 135 | $ | |||
Date of Discount |
Discount Period (days) |
Discount Rate (%) |
Proceeds (in $) |
||||
Sept. 9 | 19.5 | $ |
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