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On August 19, Jones Company received a $9, 600, 75-day, 6% note from Watson Company in payment of its account. On September 3: Jones Company
On August 19, Jones Company received a $9, 600, 75-day, 6% note from Watson Company in payment of its account. On September 3: Jones Company discounted Watson Company's note at the bank at 10%, with recourse. On November 2, the bank notified Jones Company that Watson Company had dishonored the note. Since the note had been dishonored, the bank deducted the maturity value of the note plus a protest fee of $40 from Jones Company's account. Required: Journalize Jones Company's transactions on August 19, September 3, and November 2
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