Entries for notes payable Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory Assume a 360-day year. For a compound transaction, 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. Cash Notes Payable 2. Interest Payable III Cash Notes Payable b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity Notes Receivable 1. Cash Interest Payable Cash lll Notes Payable . Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. Notes Receivable Cash 2. Cash I Notes Receivable