Answered: A 90-day, 5% note for $9,600, dated May…

A 90-day, 5% note for $9,600, dated May 1, is received from a customer on account. The maturity value of the note is the one listed below. Select the correct answer. $9,720 $120 $9,600 $10,080

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Question

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A 90-day, 5% note for $9,600, dated May 1, is received from a customer on account. The maturity value of the note is the one listed below.

Select the correct answer.

$9,720

$120

$9,600

$10,080

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