Reference no: EM132720407
Question: 1. Compute the missing amount for each of the following note.Principle annual Interest Rate Time Total Interest
a) Birr 60,000.00 10% 1.5 Years ?
b) Birr 200,000.00 ? 9 month Birr 17,250.00
c) ? 12% 60 days Birr 1,500.00
d) Birr 85,000.00 7% ? Birr 1,487.50
2. Meskerem Co. holds a 90-day, 10% note for Birr. 100,000.00 dated June.12 that was received from a customer on account. On June 30, the note is discounted at Borena Bank at the rate of 12.5%.
a) Determine the maturity value of the Note.
b) Determine the number of days in the discount period
c) Determine the amount of the discount
d) Determine the account of the proceeds
e) Present the journal entry required to record the discounting of the note on June 30.
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