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Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory. Required: A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Assume a 360-day year.

Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory. Required: A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Assume a 360-day year.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.6BE: Journalizing installment notes On the first day of the fiscal year, a company issues 45,000, 8%,...
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Chapter 10 Homework Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory. Required: A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Assume a 360-day year. Journal-Bennett Enterprises A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exe 1. the issuance of the note on January 1. 2. the payment of the note at maturity on April 1. Assume a 360-day year. JOURNAL DATE DESCRIPTION POST. REF. 2 3 4 5
Transcribed Image Text:Chapter 10 Homework Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory. Required: A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Assume a 360-day year. Journal-Bennett Enterprises A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exe 1. the issuance of the note on January 1. 2. the payment of the note at maturity on April 1. Assume a 360-day year. JOURNAL DATE DESCRIPTION POST. REF. 2 3 4 5
JOURNAL DATE DESCRIPTION POST. REF. 1 2 3 4 Journal-Spectrum Industries B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for e 1. the receipt of the note on January 1. 2. the receipt of the payment of the note at maturity on April 1. Assume a 360-day year. JOURNAL DATE DESCRIPTION POST. REF. 1 2 4
Transcribed Image Text:JOURNAL DATE DESCRIPTION POST. REF. 1 2 3 4 Journal-Spectrum Industries B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for e 1. the receipt of the note on January 1. 2. the receipt of the payment of the note at maturity on April 1. Assume a 360-day year. JOURNAL DATE DESCRIPTION POST. REF. 1 2 4
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