Bennett Enterprises issues a $372,000, 60-day, 6%, 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.   fill in the blank e3bb2afd802100b_2 fill in the blank e3bb2afd802100b_3     fill in the blank e3bb2afd802100b_5 fill in the blank e3bb2afd802100b_6 2.   fill in the blank e3bb2afd802100b_8 fill in the blank e3bb2afd802100b_9     fill in the blank e3bb2afd802100b_11 fill in the blank e3bb2afd802100b_12     fill in the blank e3bb2afd802100b_14 fill in the blank e3bb2afd802100b_15 b.  Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1.   fill in the blank 87e29d09a068002_2 fill in the blank 87e29d09a068002_3     fill in the blank 87e29d09a068002_5 fill in the blank 87e29d09a068002_6 2.   fill in the blank 87e29d09a068002_8 fill in the blank 87e29d09a068002_9     fill in the blank 87e29d09a068002_11 fill in the blank 87e29d09a068002_12     fill in the blank 87e29d09a068002_14 fill in the blank 87e29d09a068002_15

Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
icon
Related questions
Question
  1. Entries for notes payable

    Bennett Enterprises issues a $372,000, 60-day, 6%, 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:

    1. the issuance of the note.
    2. the payment of the note at maturity.
    1.   fill in the blank e3bb2afd802100b_2 fill in the blank e3bb2afd802100b_3
        fill in the blank e3bb2afd802100b_5 fill in the blank e3bb2afd802100b_6
    2.   fill in the blank e3bb2afd802100b_8 fill in the blank e3bb2afd802100b_9
        fill in the blank e3bb2afd802100b_11 fill in the blank e3bb2afd802100b_12
        fill in the blank e3bb2afd802100b_14 fill in the blank e3bb2afd802100b_15

    b.  Journalize Spectrum Industries’ entries to record:

    1. the receipt of the note.
    2. the receipt of the payment of the note at maturity.
    1.   fill in the blank 87e29d09a068002_2 fill in the blank 87e29d09a068002_3
        fill in the blank 87e29d09a068002_5 fill in the blank 87e29d09a068002_6
    2.   fill in the blank 87e29d09a068002_8 fill in the blank 87e29d09a068002_9
        fill in the blank 87e29d09a068002_11 fill in the blank 87e29d09a068002_12
        fill in the blank 87e29d09a068002_14 fill in the blank 87e29d09a068002_15
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Long-term liabilities
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub