Final ExamACC31212. When accounts receivable are assigned, the risk of ownership13. On September 1, 2015, Excellent Company received an $80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. On October 1, 2015, thirty days after the note was received, Excellent discounted the note at the bank at 14%. How much cash did Excellent Company receive from the bank?14. Brad’s Market's accountant is preparing its May bank reconciliation and has collected the following data:Per BooksPer BankMay 1 balance$11,600$10,000May deposits24,60021,200May checks27,80029,000Note collected (includes 10% interest)--4,400May service charge--20May 31 balance8,4006,580Additionally, deposits in transit and outstanding checks from April's reconciliation were $4,400 and $2,800, respectively.The correct balance for Cash at May 31 should bea. $10,960b.$12,780c. $11,180d. $13,98015. When completing the bank reconciliation, deposits in transit would be16. A manufacturing company typically has how many inventory accounts?