question archive Descriptors are provided below for six situations involving notes receivable being discounted at a bank
Descriptors are provided below for six situations involving notes receivable being discounted at a bank
Subject:AccountingPrice: Bought3
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.) Proceeds Received Note Date of Note 1 2 3 Note Face Value $ 70,000 70,000 70,000 96,000 96,000 96,000 3/31/2021 3/31/2021 3/31/2021 6/30/2021 6/30/2021 6/30/2021 Interest Date Rate Discounted 8% 6/30/2021 8% 9/30/2021 8% 9/30/2021 5% 10/31/2021 5% 10/31/2021 5% 11/30/2021 Discount Rate 10% 10% 12% 10% 12% 10% 4 5 6
