Entries for notes payable Bennett Enterprises issues a $960,000, 30-day, 6%, 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. Inventory 960,000 Notes Payable 60.000 960,000 2. Notes Payable Interest Expense 4.800 Cash 0.000 Check My Wor If you were the borrower how much would you be leaving with in proceeds? What does the ability always have to be recorded at? Learning Objective 1 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. Notes Receivable 960,000 Sales 960,000 2. Cash Notes Receivable 960,000 Interest Revenue 4,800