Question: On May 1, 201X, Bird Company received a $25,000, 65-day, 9% (35 min) note from Robertson Company dated May 1. On June 20, 201X, Bird

On May 1, 201X, Bird Company received a $25,000, 65-day, 9% (35 min) note from Robertson Company dated May 1. On June 20, 201X, Bird discounted the note at Acorn Bank at a of 10.50%.
1. Calculate the following:
a. value of the note
b. Number of days the bank will hold the note until date
c. Bank discount
d. Proceeds
2. Journalize the entry to record the proceeds.

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A Maturity Value of the note is 2540625 25000 25000 x 9 x 65360 2540625 B Number of da... View full answer

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