Question

On May 1, 201X, Marcus Company received a $21,000, 90-day, 10% note from Walker Company dated May 1. On June 20, 201X, Marcus discounted the note at Manchester Bank at a discount rate of 12%.
1. Calculate the following:
a. Maturity value of the note
b. Number of days the bank will hold the note until maturity date
c. Bank discount
d. Proceeds
2. Journalize the entry to record the proceeds.



$1.99
Sales0
Views78
Comments0
  • CreatedApril 24, 2014
  • Files Included
Post your question
5000