Check m 3. Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 25 points On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 interest beraring note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and the interest on the due date. ellook Required: Prepare the entries in general journal form to record these transactions Beterences Analyze: If the company prepared a balance sheet on July 31, 2019, how should Notes Receivable-Discounted be presented on the statement? On May 16, 2019, Safeway Company received a 90-day, 8 percent, $6,200 Interest-bearing note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway recelved a notice that Black had paid the note and the interest on the due date. Required: Prepare the entries in general journal form to record these transactions. Analyze: If the company prepared a balance sheet on July 31, 2019, how should Notes Receivable-Discounted be presented on the statement