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On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson Byrd, a customer whose account was past due. The note was discounted on June 18, 20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of 12 percent. Required: Prepare the entry required by Georgia State when Sampson Byrd paid the discounted note on the maturity date. View transaction list Journal entry worksheet 1 Record entry for Sampson Byrd note discounted. Note: Enter debits before credits. Date July 18, 20X1 General Journal Debit Credit Record entry Clear entry View general journal

On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson Byrd, a customer whose account was past due. The note was discounted on June 18, 20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of 12 percent. Required: Prepare the entry required by Georgia State when Sampson Byrd paid the discounted note on the maturity date. View transaction list Journal entry worksheet 1 Record entry for Sampson Byrd note discounted. Note: Enter debits before credits. Date July 18, 20X1 General Journal Debit Credit Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson Byrd, a customer whose account was past due. The note was discounted on June 18, 20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of 12 percent. Required: Prepare the entry required by Georgia State when Sampson Byrd paid the discounted note on the maturity date. View transaction list Journal entry worksheet 1 Record entry for Sampson Byrd note discounted. Note: Enter debits before credits. Date July 18, 20X1 General Journal Debit Credit Record entry Clear entry View general journal
Transcribed Image Text:On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson Byrd, a customer whose account was past due. The note was discounted on June 18, 20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of 12 percent. Required: Prepare the entry required by Georgia State when Sampson Byrd paid the discounted note on the maturity date. View transaction list Journal entry worksheet 1 Record entry for Sampson Byrd note discounted. Note: Enter debits before credits. Date July 18, 20X1 General Journal Debit Credit Record entry Clear entry View general journal
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