Entries for notes payable

Bennett Enterprises issues a $648,000, 45-day, 6%, 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.
2.

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.
2.