Entries for notes payable

Bennett Enterprises issues a $528,000, 60-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.

Question Content Area

a. Journalize Bennett Enterprises entries to record:

the issuance of the note.

the payment of the note at maturity.

1.	CashInterest RevenueInventoryNotes PayableNotes ReceivableInventory	Inventory	Inventory
	CashInterest ExpenseInterest RevenueNotes PayableNotes ReceivableNotes Payable	Notes Payable	Notes Payable
2.	CashInterest PayableInterest RevenueNotes PayableNotes ReceivableNotes Payable	Notes Payable	Notes Payable
	Accounts PayableCashInterest ExpenseInterest RevenueNotes ReceivableInterest Expense	Interest Expense	Interest Expense
	CashInterest ExpenseInterest RevenueNotes PayableNotes ReceivableCash	Cash