Question: On May 1 201X Marcus Company received a 60 000 90 day

On May 1, 201X, Marcus Company received a $60,000, 90-day, 10% note from Quincy 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.

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  • CreatedApril 24, 2014
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