On May 16, 2019, Safeway Company received a 90-day, 8 percent, $8,600 interest-bearing note from Black Company in settlement of Black's past-due 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? Ulla Util to record these transactions. (Use 360 days a year. Round your intermediate calcu final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 3 Record the entry for discounting the 90-day note at 13% Note: Enter debits before credits. General Journal Dobit Credit Dato Jun 30, 2019 Record entry Clear entry View general journal General Journal Analyze > Prepare the entries in general journal form to record these transactions. (Use 360 days a year. Round y final answers to 2 decimal places.) View transaction list Journal entry worksheet