Entries for notes payable Bennett Enterprises issues a $504,000, 30-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. Question Content Area a. Journalize Bennett Enterprises' entries to record: the issuance of the note. the payment of the note at maturity. 1. 2. Question Content Area b. Journalize Spectrum Industries' entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. 2.

Entries for notes payable Bennett Enterprises issues a $504,000, 30-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. Question Content Area a. Journalize Bennett Enterprises' entries to record: the issuance of the note. the payment of the note at maturity. 1. 2. Question Content Area b. Journalize Spectrum Industries' entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. 2.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 92PSB

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