Wythe Company received proceeds of $141,000 from discounting a $150,000,one year,discount note at Centennial Bank.
a)What discount rate did the bank use?
b)Prepare the journal entry to record the proceeds of the loan.

Question

Quizplus · Accepted Answer

The Answer of Wythe Company received proceeds of $141,000 from discounting a $150,000,one year,discount note at Centennial Bank.
a)What discount rate did the bank use?
b)Prepare the journal entry to record the proceeds of the loan.

Wythe Company Received Proceeds of $141,000 from Discounting a $150,000,one