A 60-day, 12% notes for $10,000, dated May 1, is received from a customer on account. If

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A 60-day, 12% notes for $10,000, dated May 1, is received from a customer on account. If the note is discounted on May 21 at 15%, what is the amount of interest revenue or expense to be recorded by the payee of the note on May 21?

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Survey of Accounting

ISBN: 978-0073379555

2nd edition

Authors: Edmonds, old, Mcnair, Tsay

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Posted Date: Sep 12, 2020 02:00 AM

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A 60-day, 12% notes for $10,000, dated May 1, is received from a customer on account. If

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Interest on Note 10000 12 60360 200 Discounti... View the full answer

Survey of Accounting

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