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On June 10,20X1, Alaska State Company recelved a $4,400,45-day, 12 percent note from Samuel Adams,...

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Accounting

On June 10,20X1, Alaska State Company recelved a $4,400,45-day, 12 percent note from Samuel Adams, a customer whose account was past due. Alaska discounted the note on June 25,20X1 at Georgla State Bank and Trust. Samuel Adams dishonored the note recelvable discounted by Alaska State. Assume the bank deducted the maturity value of the dishonored note plus a $60 service charge from Alaska State's bank account on the due date of the note.
Required:
Prepare the entrles in general Journal form that Alaska State Company would make.
Note: Use 360 days a year.
Journal entry worksheet
1
Record entry for dishonor of Samuel Adams discounted note.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[July 25,20x1,Notes receivable-Discounted,4,400,],[,Accounts receivable/Samuel Adams,,],[,Cash,,]]
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