Refresh or test your accounting knowledge on bills of exchange:
|QUESTIONS:1.0 Define a bill of exchange
2.0 Explain the process of “discounting” a bill of exchange
3.0 “Bills receivable” in the books of a business record amounts of money owing to the business. True or false?
4.0 What are the accounting entries when a bill with a face value of $5,000 is discounted for $4,750?