On May 16, 2019 Safeway company received a 90 day 8% 9600 interest very note from black company in the settlement of blacks past due account on June 30 Safeway discount at this note at Fargo bank and trust the bank charged a discount rate of 13% on August 15 safe we received a notice that black and pay the note and the interest on the due date

on May 16, 2019 Safeway company received a 90 day 8% 9600 interest very note from black company in the settlement of blacks past due account on June 30 Safeway discount at this note at Fargo bank and trust the bank charged a discount rate of 13% on August 15 safe we received a notice that blackout pay 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, 2019 how should notes receivable discounted be presented on the statement?if the company prepared a balance sheet on July 31, 2019 how should notes receivable discounted be presented on the statement

On May 16, 2019, Safeway Company received a 90-day, 8 percent, $9,600 interest-bearing note from Black Company in settlemer of Black's pastdue account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway received 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, 2019, how should Notes Receivable-Discounted be presented on the statement? Complete this question by entering your answers in the tabs below. General Tournal Analyze Journal entry worksheet Record entry for a 90-day, 8% note accepted for past-due account. Note: Enter debits before credits. Date General Journal Debit Credit May 16, 2019 Journal entry worksheet Record the entry for discounting the 90-day note at 13% Note: Enter debits before credits. Date Jun 30, 2019 General Journal Debit Credit Journal entry worksheet