On July 31, 2020, Clear Company discounted at the bank a customer's P600,000interest-bearing note, 6-month, 10% note receivable dated May 31, 2020. The bankdiscounted the note at 12%.The net proceeds from this discounted note isO 576,000O 564,000617,400604,800

Net Proceeds from discounted note = Maturity Value - Discount on note

Answered: On July 31, 2020, Clear Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On July 31, 2020, Clear Company discounted at the bank a customer's P600,000 interest-bearing note, 6-month, 10% note receivable dated May 31, 2020. The bank discounted the note at 12%. The net proceeds from this discounted note is