Answered: A 60-day, 12% note for $38,400, dated…

A 60-day, 12% note for $38,400, dated May 1, is received from a customer on account. The maturity value of the note is a.$39,168 b.$768 c.$43,008 d.$38,400

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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Question

A 60-day, 12% note for $38,400, dated May 1, is received from a customer on account. The maturity value of the note is

a.$39,168

b.$768

c.$43,008

d.$38,400

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