Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory. a. Journalize Bennett
Question:
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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a 1 Merchandise Inventory 400000 Notes Payable 400000 ...View the full answer
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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