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On May 16,201, Safeway Company received a 90 -day, 8 percent, $8,400 interest-bearing note from Black company in settiement or Biack's past-due account. On June 30. Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount cate of 13 percent. On August 14. 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 31,201, how should Notes Recelvable-Dlscounted be presented on the statement? Complete this question by entering your answers in the tabs below. Prepare the entries in general journal form to record these transactions. (Use.360 days a year. Round your intermediate calculations and final answers to 2 decimal places.) Journal entry worksheet 3 Record the entry for discounting the 90 -day note at 13% Note inter dehts before credits. On May 16, 20X1, Safeway Company received a 90 -day, 8 percent, $8,400 interest-bearing note from Black Company in settement of Black's past-due account. On June 30,5afeway discounted this note at Fargo Bank and Trust. The Dank charged a discount rate of 13 percent. On August 14. 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 batance sheet on July 31, 20x1, how should Notes Recelvable-Discounted be presented on the statement? 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the entries in general joumal form to record these transactions. (Use 360 days a year. Round your intermediate calculations and final answers to 2 decimal places.)