Discounting a Note Receivable Sonic Inc. received from a customer a $2,400, 9% interest-bearing note that will mature in three months. Two months later, Sonic Inc. discounted the note to the bank to yield 12%. Provide the required journal entry made by the company at the time the note was discounted. Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. To record interest on note Cash 2,400 To record discounting of note
