Question: On November 1 Cats Co issued a 60 day note with

On November 1, Cats Co. issued a 60-day note with a face amount of $70,000 to Nip Co. for inventory.
a. Determine the due date of the note.
b. Determine the proceeds of the note, assuming the note carries an interest rate of 4%.
c. Record the journal entries to issue the note and pay the note.

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  • CreatedSeptember 15, 2015
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