Give the entries in general journal form that Fidelity State Company would make if Horace Coe dishonored the note receivable discounted by Fidelity State in Exercise 16.6, assuming the bank deducted the maturity value of the dishonored note plus a $40 service charge from Fidelity State's bank account on the due date of the note.
In Exercise 16-6
On June 3, 2016, Fidelity State Company received a $4,800, 45-day, 10 percent note from Horace Coe, a customer whose account was past due.