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Ramsey Company issues an $720,000, 60-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 6%. Assume a 360-day year. If
Ramsey Company issues an $720,000, 60-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 6%. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Ramsey's entries to record: 1. 1. the issuance of the note. 2. the payment of the note at maturity. 2. b. Journalize Buckner's entries to record: 1. 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 2.
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