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Smart Retails Ltd received a 90 day, 12% a bill dated 10 June 2018 from a client to settle an account receivable of $65,000

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Smart Retails Ltd received a 90 day, 12% a bill dated 10 June 2018 from a client to settle an account receivable of $65,000. The company held the bill until 20 July 2018, then it was discounted at a bank at discount rate of 14%.