Entries for Discounting Notes Payable Ramsey Company issues an $612,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 896. 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. 2. the payment of the note at maturity. 1. Merchandise Inventory Interest Expense Notes Payable Notes Payable 2. Notes Payable Cash Feedback b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Notes Receivable Sales Interest Revenue 1. 2. Cash Notes Receivable