On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel...

 

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On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Required: Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.) Answer is not complete. No 1 Date July 18, 20X1 General Journal Notes receivable-Discounted Accounts receivable/Samuel Adams Cash Debit Credit 6,600 On June 3, 20X1, Alaska State Company received a $6,600, 45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 18, 20X1 at Georgia State Bank and Trust. Samuel Adams dishonored the note receivable discounted by Alaska State. Assume the bank deducted the maturity value of the dishonored note plus a $40 service charge from Alaska State's bank account on the due date of the note. Required: Prepare the entries in general journal form that Alaska State Company would make. (Use 360 days a year.) Answer is not complete. No 1 Date July 18, 20X1 General Journal Notes receivable-Discounted Accounts receivable/Samuel Adams Cash Debit Credit 6,600