Problem 4 (Journal Entry - Discounting of Notes Receivable with Recourse) Wednesday Company received from a customer a one-year, P 500,000 note bearing annual interest of 8%. Five months prior to maturity, Wednesday discounted the note at IABF Bank at 10%. Question No. 4: Give the entry for the discounting, assuming the note was discounted with recourse and is accounted as a conditional sale. SOLUTION No 4 Account Names Debit Credit