Response to the following problem:
On March to. 200, Arthur Cromwell received from the Bache Co.,customer, a 120·day. non-interest-bearing note for $1,500. The note was discounted at the Jackson National Dank on April 24, 200-. The Jackson National Bank charged Cromwell 6% for discounting the note.
Answer the following questions based on the above information:
1. What is the due date of the note?
2. What is the maturity value of the note?
3. How many days did Cromwell hold the note?
4. How many days did the bank hold the note!
S. How much interest is the bonk entitled to on the note?
6. Wh.t entry will Cromwell record for the receipt of the note?
7. What entry will Cromwell record for the discounting of the note!
8. What entry will Cromwell record on the due date of the note?
9. What entry will result if the note is dishonored on the due date by the maker,assuming a protest fee of $15?