Entries for notes payableBennett Enterprise

s issues a $$684,000,60-$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.

Notes Payable $$

Interest Expense $$

$x$

$$

$$

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

the receipt of the note.

the receipt of the payment of the note at maturity.

Notes Receivable $$

Bennett Enterprises issues a $$684,000,60-$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.