Entries for notes payable

Bennett Enterprises issues a $$840,000,30-$day, $9\%,$ note to Spectrum Industries for merchandise inventory.

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

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

the issuance of the note.

the payment of the note at maturity.

$q,$

$q,$

Notes Payable

$$

$$

$$

$$

$q,$

$q,$

$$ Interest Expense $$

$$

Cash

$$

$$

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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 at$?$

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

the receipt of the note.

the receipt of the payment of the note at maturity.

$$

$$

$$ Sales $$

$$

$$

$$

$$

Notes Receivable

$$

$$

$$

Interest Revenue $$

$$

$$