Entries for notes payable

Bennett Enterprises issues a $$732,000,30-$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 require an entry, leave it blank.

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

the issuance of the note.

the payment of the note at maturity.

Inventory $v$

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Notes Pavable $$

$*$

$2$

$$

$$

$$

$$

Fentuck

Coak Ny Wak

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

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

the receipt of the note.

the receipt of the payment of the note at maturity.

$$

$$

$$

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

the receipt of the note.

the receipt of the payment of the note at maturity.

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

Show Me How

Entries for notes payable

Bennett Enterprises issues a $$732,000,30-$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 require an entry, leave it blank.

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

the issuance of the note.

the payment of the note at maturity.

fatros:

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

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

the receipt of the note.

the receipt of the payment of the note at maturity.

$$

$$