entries for notes payable

bennett enterprises issues a $780,000, 6%, not to spectrum industries for merchandise inventory

assume a 360 days in a year.

a. journalize bennet enterprizes entries to record:

1. the issuance of the note

2. the payment of the note at maturity

b. journalize spectrum industries entries to record:

1. the receipt of the note

2. the receipt of the payment of the note at maturity