Question: Entries for notes payable Bennett Enterprises issues a $636,000, 45-day, 7%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round

Entries for notes payable Bennett Enterprises issues a $636,000, 45-day, 7%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar. For a compound transaction, 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 2 Notes Payable Interest Expense Cash In0 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 Il 2. Cash Interest Receivable Interest Revenue

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