Entries for Discounting Notes Payable

Ramsey Company issues an $768,000, 45-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 Ramsey's entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2