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

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

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