On May 15, 2018, Raymond Co. gave Octarine Co. a 180-day, $11,000, 10% note. On July 14, Octarine Co. discounted the note at 12%. Assume a 360-day year. a. Journalize the entry for Octarine to record the proceeds b. Record the entry for Octarine if Raymond fails to pay at maturity. (Record debits first, then credits. Exclude explanations from journal entries.) a. Journalize the entry for Octarine to record the proceeds. Journal Entry Date Accounts PR Cr. Dr. 11,088 Cash Interest Income 88 Noles Receivable 11,000 b. Record the entry for Octarine if Raymond fails to pay at maturity Journal Entry Date Accounts PR Dr. Cr