Entries for Discounting Notes Payable Ramsey Company issues an $888,000,60-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7%. 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. Feedback Check My Work If you were the borrower how much would you be leaving Buckner with in proceeds? What does the liability always have to be recorded at? b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity