On August 1, Batson Company issued a 60-day note with a face amount of $80,400 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest computations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 8%. fill in the blank 1 of 2$ b. Determine the proceeds of the note assuming the note is discounted at 8%. fill in the blank 2 of 2$
On August 1, Batson Company issued a 60-day note with a face amount of $80,400 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest computations.) a. Determine the proceeds of the note assuming the note carries an interest rate of 8%. fill in the blank 1 of 2$ b. Determine the proceeds of the note assuming the note is discounted at 8%. fill in the blank 2 of 2$
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....
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On August 1, Batson Company issued a 60-day note with a face amount of $80,400 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest computations.)
a. Determine the proceeds of the note assuming the note carries an interest rate of 8%.
fill in the blank 1 of 2$
b. Determine the proceeds of the note assuming the note is discounted at 8%.
fill in the blank 2 of 2$
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