Entries for Discounted Note Payable A business issued a 120-day note for $48,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round a Accounts Payable Feedback Check My Work Why is the company issuing the note? What type of note is being issued (interest-bearing or discounted)? How much will the company owe on the maturity date? b. Journalize the entry to record the payment of the note at maturity. b