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Record the cash received on the discounted note

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Question - Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2017.

Discounted the $20,000 note at a local bank. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are met.

Record the cash received on the discounted note.

Reference no: EM132054282

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