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Prepare the journal entries regarding this note.

Prepare the journal entries regarding this note.

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%. Required: 1. Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers to 2 decimal places.) Answer is not complete. General Journal No 1 Date June 03, 20X1 Notes receivable Accounts receivable/Sampson Byrd 2 June 18, 20X1 Cash Debit 10,400.00 Credit 10,400.00
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%. Required: 1. Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers to 2 decimal places.) Answer is not complete. General Journal No 1 Date June 03, 20X1 Notes receivable Accounts receivable/Sampson Byrd 2 June 18, 20X1 Cash Debit 10,400.00 Credit 10,400.00
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