Question: Entries for notes payable Bennett Enterprises issues a $420,000, 30-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round

Entries for notes payable Bennett Enterprises issues a $420,000, 30-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. Question Content Area a. Journalize Bennett Enterprises entries to record: the issuance of the note. the payment of the note at maturity. 1. Inventory Inventory Notes Payable Notes Payable 2. Notes Payable Notes Payable Interest Expense Interest Expense Cash Cash Journalize Spectrum Industries entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. Notes Receivable Notes Receivable Sales Sales 2. Cash Cash Notes Receivable Notes Receivable Interest Revenue Interest Revenue

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