On June $3,20$X$1,$ Georgia State Company received a $$10,400,45-$day, $10$ percent note from Sampson Byrd$,$ a customer whose account was past due. The note was discounted on June $18,20$X$1$ at the Georgia State Bank and Trust. The bank charged a discount rate of $12$ percent.

Required:

Prepare the entry required by Georgia State when Sampson Byrd paid the discounted note on the maturity date.

Answer rating: 100% (QA)

On the maturity date of a discounted note the company will need to make the following entry to rec... View the full answer