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im missing the interest income roblem 16.5A Recording the receipt, discounting, and payment of notes eceivable. LO 16-3, 16-4, 16-6, 16-7 n May 16, 2016,

im missing the interest income image text in transcribed
roblem 16.5A Recording the receipt, discounting, and payment of notes eceivable. LO 16-3, 16-4, 16-6, 16-7 n May 16, 2016, Reiable Company received a 90-day, 9 percent, $6,000 interest-bearing note from White ompany i ank and Trust. The bank charged a discount rate of 14 percent On August 15, Roliable received a notice in settlement of White's past-due account On June 30, Reliable discounted this note at Fargo at White had paid the note and the interest on the due date. repare the entries in general journal form to record these transactions. (Use 360 days a year. Round our intermediate calculations and final answers to 2 decimal places) Answer is complete but not entirely correct Debit No 1 May 16, 2016 Notes receivable 6,000.00 Accounts receivable/White Company ,000.00 2 Jun 30, 2016 Cash 6,03%.08 35.06 6,000.00 Interest income 3 Aug 14, 2016Notes receivable-Discounted 6,000.00 Notes receivable 6,000.00 Difficulty: 3 Hard Objective: 16-06 Record routine notes recelvable transactions 3

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