Question: PROCEED = Maturity value minus Discount What is the proceed from discounting the note in item 3 below? Did you make an income or expense

PROCEED = Maturity value minus Discount What is the proceed from

PROCEED = Maturity value minus Discount What is the proceed from discounting the note in item 3 below? Did you make an income or expense after discounting the note in item 3 below? Assuming (1) The note was honored on the maturity date. (2) The note was dishonored on the maturity date. (3) On February 21, the note was discounted at 9%. (4) The discounted note was honored. (5) The discounted note was dishonored and also assuming a protest fee of $60 was charged ABC for dishonoring the note. Make necessary entries for each of the above assumptions

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