Entries for notes payable Bennett Enterprises issues a $672,000, 60-day, 8%, 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 I lo 2. Notes Payable Interest Expense DO Cash Feb Check My Wor If you were the borrower how much would you be leaving with in proceeds? What does the liability always have to be recorded at Learning Objective 1. b. Journalize Spectrum Industries' entries to records 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Check My Work Learning Objective 1. 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 2. Cash Notes Receivable 111 Interest Revenue Feedback Check My Work As the lender what have you earned by doing business with Bennett Enterprises? As the lender what w Learning Objective 1. Feedback