On October 14 Canton Car Care Center issued a $10,000, 60-day, 12% non-interestbearing note payable to Canton
Question:
On October 14 Canton Car Care Center issued a $10,000, 60-day, 12% non-interestbearing note payable to Canton National Bank.
1. Which accounts are debited and which are credited? What are the debit and credit amounts?
2. Compute the bank discount. What is the amount of the proceeds?
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1 The accounts that are debited are cash 7500 account no 292 ...View the full answer
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