Bennett Enterprises issues a $625,000, 90-day, 4% note to Spectrum Industries for merchandise inventory.

Required:

A.

Journalize Bennett Enterprises entries to record (refer to the companys 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 companys 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.

A.

Journalize Bennett Enterprises entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

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 and round amounts to the nearest whole dollar.

B. Journalize Spectrum Industries entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

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 and round amounts to the nearest whole dollar.

Current Portion of Long-Term Debt

Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions):

Long-term debt consists of the following:

	December 31
	Current Year		Preceding Year
Total long-term debt	$645,500		$355,000
Less current portion	(187,200)		(174,300)
Long-term debt	$458,300		$180,700

a. How much of the long-term debt was disclosed as a current liability on the current years December 31 balance sheet? $

b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt? $

c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year? $