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een Homework A Saved Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to qu Problem 16.5A Recording the receipt, discounting, and payment of notes receivable. LO 16-3, 16-4, 16-6, 16-7 On May 16, 2019, Safeway Company received a 90-day, 9 percent, $7,200 interest-bearing note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 14 percent. On August 15, Safeway received a notice that Black 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, 2019, how should Notes Receivable-Discounted be presented on the statement? % Answer is not complete. Complete this question by entering your answers in the tabs below.