Bennett Enterprises issues a $600,000, 120-day, 4% note to Spectrum Industries for merchandise inventory. a. Journalize Bennett

Question:

Bennett Enterprises issues a $600,000, 120-day, 4% note to Spectrum Industries for merchandise inventory.
a. Journalize Bennett Enterprises’ entries to record:
1. The issuance of the note.
2. The payment of the note at maturity.
b. Journalize Spectrum Industries’ entries to record:
1. The receipt of the note.
2. The receipt of the payment of the note at maturity.

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