(SOLVED)- On November 1 Cats Co issued a 60 day note with


Question Description:

$19

On November 1, Cats Co. issued a 60-day note with a face amount of $70,000 to Nip Co. for inventory.
a. Determine the due date of the note.
b. Determine the proceeds of the note, assuming the note carries an interest rate of 4%.
c. Record the journal entries to issue the note and pay the note.

Answer

$19