Question: Instructions Bennett Enterprises issues a $580,000, 90-day, 6% note to Spectrum Industries for merchandise inventory Required: A. Journalize Bennett Enterprises entries to record (refer to








Instructions Bennett Enterprises issues a $580,000, 90-day, 6% 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 titles): 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 titles): 1. the receipt of the note 2 the receipt of the payment of the noto at maturity. Assume a 360-day year. II CHART OF ACCOUNTS Bennett Enterprises General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
