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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 7
Journalizing notes receivable transactions
A company received the following notes during 2012. The notes were discounted on the dates and at the rates indicated:
Requirements
Identify each note by number, compute interest using a 360-day year, and round all interest amounts to the nearest dollar. Explanations are not required.
1. Determine the due date and maturity value of each note.
2. Determine the discount and proceeds from the sale (discounting) of each note.
3. Journalize the discounting of notes (1) and (2).
A company received the following notes during 2012. The notes were discounted on the dates and at the rates indicated:
Requirements
Identify each note by number, compute interest using a 360-day year, and round all interest amounts to the nearest dollar. Explanations are not required.
1. Determine the due date and maturity value of each note.
2. Determine the discount and proceeds from the sale (discounting) of each note.
3. Journalize the discounting of notes (1) and (2).
Explanation
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2.
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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