Entries for notes payable

Bennett Enterprises issues a $$780,000,45-$day, $8\%,$ note to Spectrum Industries for merchandise inventory.

Assume a $360$ days in a year. If required, round your answers to the nearest dollar. If an amount box does not requise an entry, leave it blank.

a$.$ Journalize Bennett Enterprises' entries to record:

the issuance of the note.

the payment of the note at maturity.

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If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? What does the liability always have to be recorded a

b$.$ Journalize Spectrum Industries' entries to record:

the receipt of the note.

the receipt of the payment of the note at maturity.