On June 25, Ryan's Gaming Supplies received a $20,000,4-month, 6% note from a customer that...

90.2K

Verified Solution

Question

Accounting

On June 25, Ryan's Gaming Supplies received a $20,000,4-month, 6% note from a customer that will mature on October 25. The note was left at Park National Bank for collection. The bank collects the maturity value from the customer on October 27 and charges a collection fee of 1% of the amount collected. How much will be debited to Cash when Ryan records the collection of the note?
a. $20,200
b. $20,000
c. $20,400
d. $20,196
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students