Question: Entries for notes payable Bennett Enterprises issues a $708,000, 30-day, 7%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round

  1. Entries for notes payable

    Bennett Enterprises issues a $708,000, 30-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. fill in the blank e331a2fdc07c048_2
    fill in the blank e331a2fdc07c048_4
    2. fill in the blank e331a2fdc07c048_6 fill in the blank e331a2fdc07c048_7
    fill in the blank e331a2fdc07c048_9 fill in the blank e331a2fdc07c048_10
    fill in the blank e331a2fdc07c048_12 fill in the blank e331a2fdc07c048_13

    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. fill in the blank 4d142c01dfd401d_2
    fill in the blank 4d142c01dfd401d_4
    2. fill in the blank 4d142c01dfd401d_6 fill in the blank 4d142c01dfd401d_7
    fill in the blank 4d142c01dfd401d_9 fill in the blank 4d142c01dfd401d_10
    fill in the blank 4d142c01dfd401d_12 fill in the blank 4d142c01dfd401d_13

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