Entries for Discounting Notes Payable

Ramsey Company issues an $$624,000,60-$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:

the issuance of the note.

the payment of the note at maturity.

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$?$

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$1$

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b$.$ Journalize Buckner's entries to record:

the receipt of the note.

the receipt of the payment of the note at maturity.

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