February 20, 2017

Homework Help: Accounting

Posted by Natalie on Saturday, April 28, 2012 at 6:55pm.

T/F Questions

The main reason that the bank statement cash balance and the company's cash balance do not initially balance is due to timing differences.

Sales Discounts is a revenue account with a credit balance.

Multiple Choice:

Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was
a. 6.25%
b. 10.00%
c. 10.26%
d. 9.75%

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