(Solution Document) 17 Accounts receivable of $1,700 were written off as uncollectible. The company


Mar. 17 

Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method.

30 

Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2017.

May 30 

Discounted the $20,000 note at a local bank. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are met.

I don't know how to calculate the journal entry for recording the cash received on the discounted note on May 30

 







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