Entries for notes payable Bennett Enterprises issues a $408,000, 30-day, 9%, 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: 1. the issuance of the note. 2. the payment of the note at maturity. Notes Payable 2. Notes Payable Interest Expense Cash 000 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. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. Notes Receivable Sales 2. Cav Notes Receivable Interest Revenue