Entries for notes payable Bennett Enterprises issues a $432,000, 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. b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity.
Entries for notes payable Bennett Enterprises issues a $432,000, 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. b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for notes payable
Bennett Enterprises issues a $432,000, 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.
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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