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Proceeds from Notes Payable On September 1, Nova Salon Company issued a 60-day note with a face amount of $38,400 to Motlocks
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Answer #1

a. Proceeds of the note assuming the note carries an interest rate of 10% = Face Value at which the note is issued

= $38,400

b. Proceeds of the note = $38,400 - ($38,400 * 10% * 60/360) = $38,400 - $640 = $37,760

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