Question: On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $9,000, 10% note. On July 14, Silver Co. discounted the note at 12%. a.

On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $9,000, 10% note. On July 14, Silver Co. discounted the note at 12%.
a. Journalize the entry for Silver to record the proceeds.
b. Record the entry for Silver if Ramon fails to pay at maturity.

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