eBook Show Me How Entries for notes payable Bennett Enterprises issues a $612,000, 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: 1. the issuance of the note. 2. the payment of the note at maturity. 1. Inventory Notes Payable 612,000 612,000 2. Notes Payable 612.000 Interest Expense Cash 61,200 X 621,180 X Feedback Check My Work If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? What does the liability always have to be recorded at? b. Journalize Spectrum Industries' entries to record: 1. 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Previous Next If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? What does the liability always have to be recorded at? b. Journalize Spectrum Industries' entries to record: 1. 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 2. Feedback As the lender what have you earned by doing business with Bennett Enterprises? As the lender what will you be receiving on the maturity date? Partly comect Check My Work All work saved Emal instructor Save and Ex Submit Assignment for Grading