Bennett Enterprises issues a $876,000, 60-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select - - Select - b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the
Bennett Enterprises issues a $876,000, 60-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select - - Select - b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....
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Bennett Enterprises issues a $876,000, 60-day, 8%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises’ entries to record:
- the issuance of the note.
- the payment of the note at maturity.
1. |
|
- Select - | - Select - |
|
- Select - | - Select - | |
2. |
|
- Select - | - Select - |
|
- Select - | - Select - | |
|
- Select - | - Select - |
b. Journalize Spectrum Industries’ entries to record:
- the receipt of the note.
- the receipt of the payment of the note at maturity.
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