Problem $16\mathrm{.}5$A $($Algo$)$ Recording the recelpt, dlscounting, and payment of notes recelvable. LO $16-3,16-$

$4,16-6,16-7$

On May $10.20$X$1.$ Washington Company received a $90-$day, $10$ percent, $$8,800$ interest$-$bearing note from Whitehead Company in

settlement of Whitehead's past$-$due account. On June $30.$ Washington discounted this note at City Bank and Trust. The bank charged a

discount rate of $15$ percent. On August $8.$ Washington received a notice that Whitehead had paid the note and the interest on the due

date.

Required:

Prepare the entries in general journal form to record these transactions.

Analyze:

If the company prepared a balance sheet on July $31,20$X$1,$ how should Notes Rece$/$vable$-$Dlscounted be presented on the

statement?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

General

Journal

Prepare the entries in general journal form to record these transactions.

Note: Use $360$ days a year. Round your intermediate calculations and final answers to $2$ decimal places. Complete this question by entering your answers in the tabs below.

If the company prepared a balance sheet on July $31,20$X$1,$ how should Notes Receivable$-$Discounted be presented on the

statement?