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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
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 percent. Required: Prepare the entry required by Georgia State when Sampson Byrd paid the discounted note on the maturity date
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