Entries for notes payable Instructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. V = 5 Instructions Bennett Enterprises issues a $625,000, 45-day, 10% note to Spectrum Industries for merchandise inventory Required: A Journalize Bennett Enterprises entries to record (refer to the company's Chart of Accounts for exact wording of account it) 1. the issuance of the note 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries'entries to record (refer to the company's Chart of Accounts for exact wording of account 1. the receipt of the note 2. the receipt of the payment of the note at maturity. Assume a 360-day year. Entries for notes payable Instructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. ANKSHEETAL.... Journal-Bennett Ent. Shaded cells have feedback A Joumaize Bennett Enterprises entries to record (refer to the company's Chart of Accounts for exact wording of accountles): 1. the issuance of the note on January 1 2. the payment of the note at maturity on February 15. Assume a 360-day year and round amounts to the nearest whole dolar 30 How does sreding work JOURNAL DATE Jan 1 Inventory Notes Payable Notes Payable Feb. 15 Interest Expense Cash Entries for notes payable Instructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. TAL.. . Journal-Bennett Ent. Shaded cells have feedback Journal Spectrum Ind. Shaded cels have feedback the recept the hole on January 2. the receipt of the payment of the note at maturity on February 15. Assume a 360-day year and round amounts to the nearest whole dollar How grens word JOURNAL DESCRIPTION POSE REE CREDIT APRINTING ASSETS LIABILITE Jan 1 Notes Receivable Sales Feb. 15 Cash Notes Receivable Interest Revenue