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On June 3,20X1, Georgia State Company received a $10,400,45-day, 10 percent note from Sampson Byrd,...

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Accounting

On June 3,20X1, Georgia State Company received a $10,400,45-day, 10 percent note from Sampson Byrd, a customer whose account was past due. The note was discounted on On June 3,20X1, Georgia State Company received a $10,400,45-day, 10 percent note from Sampson Byrd, a customer whose account
was past due. The note was discounted on June 18,20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of
12%.
Required:
Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers to 2 decimal places.)
Answer is not complete.June 18,20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of 12%.
Required:
1. Prepare the journal entries regarding this note. (Use 360 days a year. Round your answers to 2 decimal places.)
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