amsey Company issues an $792,000, 60-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 8%.

Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Journalize Ramseys entries to record:

1. the issuance of the note.
2. the payment of the note at maturity.

1.
2.

b. Journalize Buckners entries to record:

1. the receipt of the note.
2. the receipt of the payment of the note at maturity.

1.
2.