Entries for Discounted Note Payable A business issued a 90-day note for $48,000 to a bank. The note was discounted at 7%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round to nearest whole dollar. Cash Interest Expense (11 Notes Payable Check My Work a. Why is the company issuing the note? What type of roto is belossued 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 matunty, If an amount box does not require an entry leave it blank, Notes Payable Cash