In general journal form, give the entry required by Fidelity State when Coe paid the note discounted

Question:

In general journal form, give the entry required by Fidelity State when Coe paid the note discounted in Exercise 16.6 on the maturity date.

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.

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...