Question: If Rusty Co. defaults on the note from Exercise 5, what would be the journal entry for Feather Co., assuming a $6 protest fee? In

If Rusty Co. defaults on the note from Exercise 5, what would be the journal entry for Feather Co., assuming a $6 protest fee?

In exercise 5

Feather Co. received a $2,700, 5%, 30-day note from Rusty Co. dated September 6. On September 29, Feather discounted the note at Save Bank, which charged a discount rate of 7%.

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