(A) a Customer's $6,000, 15 Percent, 120-Day Note Dated December

question 123

Essay

(a) A customer's $6,000, 15 percent, 120-day note dated December 1, 2008, was sold to the bank with recourse on December 31, 2008, at 18 percent to obtain quick cash for working capital purposes. Give the entry to record the proceeds. Assume interest has not been recorded on the note.
Computations:
(b) On the due date, the customer defaulted, the bank charges were $20. Give the required entry or entries.

---

Definitions:

Replication

The process of repeating a research study or experiment to verify its findings or to ensure its accuracy.

Experimental Procedure

A specific set of steps in scientific research designed to test a hypothesis under controlled conditions.

Debriefing

A step at the end of an experiment in which the researcher explains the study’s purpose and design to each participant and undoes any manipulations to participants’ beliefs or state.

Hidden Manipulation

Hidden manipulation involves discreet or covert actions aimed at controlling or influencing others without their conscious awareness.