Entries for notes payable Bennett Enterprises issues a $492,000, 30-day, 7%, 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 Il 2. Notes Payable Interest Expense Cash 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 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 Sales 1. Cash 2. II III Notes Receivable Interest Revenue