Entries for notes payable b$.$ Journalize Spectrum Industries' entries to record:

the receipt of the note.

the receipt of the payment of the note at maturity.

Notes Receivable

Interest Revenue

$$

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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?

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Partially correct

Bennett Enterprises issues a $$684,000,45-$day, $7\%,$ note to Spectrum Industries for merchandise inventory.

Assume a $360$ days in a 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:

the issuance of the note.

the payment of the note at maturity.

vdots

Notes Payable

$$

$=$

$$

Notes Payable

$$

Interest Expense

$$

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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:

the receipt of the note.