1.

Entries for Discounting Notes Payable Ramsey Company issues an $372,000,30-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7\%. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize Ramsey's entries to record: 1. the issuance of the note. b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity