Problem:
A business issued a 45-day note for $90,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year.
Question 1: Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank.
Question 2: Journalize the entry to record the payment of the note at maturity.
Note: Please show basic calculation