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

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Bennett Enterprises issues a $600,000, 120-day, 4% note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. 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. 2. 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. 2. Bennett Enterprises issues a $600,000, 120-day, 4% note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. 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. 2. 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. 2.

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Answer Answera Bennett Enterprises entries1 The issuance of the note Debit Merchandise Inventory 600... View the full answer