Question: Entries for notes payable Bennett Enterprises issues a $ 6 0 0 , 0 0 0 , 1 2 0 - day, 4 % note

Entries for notes payable Bennett Enterprises issues a $600,000,120-day, 4% note
Entries for notes payable
Bennett Enterprises issues a $600,000,120-day, 4% note to Spectrum Industries for merchandise inventory.
Assume 360 days in a year. If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
the issuance of the note.
the payment of the note at maturity.
,
b. Journalize Spectrum Industries' entries to record:
the receipt of the note.
the receipt of the payment of the note at maturity.
to Spectrum Industries for merchandise inventory. Assume 360 days in a year.

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