Question: Chapter 11 Current Liabilities and Psyrol OBJ . 1 EX 11-3 Entries for discounting notes payable Kamsey Company issues an s800.000. 45-day note to Buckner

Chapter 11 Current Liabilities and Psyrol OBJ . 1 EX 11-3

Chapter 11 Current Liabilities and Psyrol OBJ . 1 EX 11-3 Entries for discounting notes payable Kamsey Company issues an s800.000. 45-day note to Buckner Company inventory. Buckner discounts the note at 7%. a. Journalize Ramsey's entries to record: 1. the issuance of the note 2 the payment of the note at maturity b. Journalize Buckner's entries to record: 1. the receipt of the note. 2 the receipt of the payment of the note at maturity

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