None On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson Byrd, a customer whose accountwas past due. The note was discounted on June 18, 20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of12%.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 JournalNo1DateJune 03, 20X1Notes receivableAccounts receivable/Sampson Byrd2June 18, 20X1CashDebit10,400.00Credit10,400.00

Notes receivable are a balance sheet item that records the value of promissory notes that a business…

Answered: Prepare the journal entries regarding…

Business

Accounting

Prepare the journal entries regarding this note.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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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

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