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On June 3 2016 Fidelity State Company received a $4800 45-day 10 percent note from Horace Coe, a customer whose account was past due Record in the general journal receipt of the note

On June 3, 2016, Fidelity State Company received a $4,800, 45-day, 10 percent note from Horace Coe, a customer whose account was past due. 1. Record in the general journal receipt of the note. 2. Give the entry in general journal form to record the discounting of this note receivable on June 18 at the Second State Bank and Trust. The bank charged a discount rate of 12 percent.

Apr 24 2020 View more View Less

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