Entries for Discounting Notes Payable Ramsey Company issues an $708,000, 30-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 9%. 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: the issuance of the note. the payment of the note at maturity. 1. Merchandise Inventory Interest Expense Notes Payable 2. Notes Payable Cash