Journalize the discounted note for Feather Co. from Exercise 5. In exercise Feather Co. received a $2,700,

Question:

Journalize the discounted note for Feather Co. from Exercise 5.
In exercise
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 of 7%.
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...