On April 17, 2016, Westside Co. accepted a 65,000, 8%, 90-day note from a customer. On June 11, the note was discounted at 10% under a conditional sale. At maturity date, the note was dishonored and the bank charged 1,250 protest fee. If on July 26, 2016, the customer pays the account due plus 8% interest. How Much Should Westside report as Loss from Notes Receivable Discounted and the total amount received on July 26,2016?
On April 17, 2016, Westside Co. accepted a 65,000, 8%, 90-day note from a customer. On June 11, the note was discounted at 10% under a conditional sale. At maturity date, the note was dishonored and the bank charged 1,250 protest fee. If on July 26, 2016, the customer pays the account due plus 8% interest. How Much Should Westside report as Loss from Notes Receivable Discounted and the total amount received on July 26,2016?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EB: Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for...
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