Entries for Discounting Notes Payable Ramsey Company issues an $672,000, 60-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7%. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank a. Journalize Ramsey's entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. Merchandise Inventory Interest Expense Notes Payable 2 Notes Payable Cash Feedback Check My Work If you were the borrower how much would you be leaving Buckner with in proceeds? What does the liability always have to be recorded at? b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. Notes Receivable Sales Check My Work Email Instructor Save and Exit All work saved. Submit Ass Feedback Check My Work If you were the borrower how much would you be leaving Buckner with in proceeds? What does the liability always have to be recorded at? b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Notes Receivable Sales Interest Revenue Cash Notes Receivable able Feedback Check My Work As the lender what have you earned by doing business with Ramsey Company? As the lender what you will be receiving on the maturity date? Feedback Check My Work Partially correct