On May $10,20$xt$,$ Washington Company recelved a$,90-$day, $8$ percent, interest$-$bearing note from Whitehead Company in settlement of Whilehead$$s past$-$due account. On June $30,$ Washington discounted this note at City Bank and Trust. The bank charged $.$ date

Required:

Prepare the entries in general journal form to record these transactions

Analyze:

If the company prepared a balance sheet on July $31,20$xt$,$ how should Notes Receivable$-$Discounted be presented on the statement?

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General

Journal

Analyze

Prepare the entries in general joumal form to record these transactions.

Note: Use $360$ days a year, Round your intermediate calculations and finaf answers to $2$ decimal places.

Whe transetion itist

$(3)$ Record entry for a $90-$day, note accepted for pastdue account.

$(2)$ Record the entry for discounting the $90-$day note at

$(3)$ Record payment of discounted note recelvabte.