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 note at maturity. Assume a 360-day year. Journal-Bennett Ent. 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 on January 1 2. the payment of the note at maturity on April 1. Assume a 360-day year and round amounts to the nearest whole dollar. How does grading work? PAGE 1 JOURNAL Score: 57/63 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Jan. 1 Cash 580.000,00 1 2 Notes Payable 580,000.00 1 Apr. 1 Notes Payable 580,000.00 1 - Interest Expense 8,700.00 1 5 Cash 588,700.00 1 Points: 10.86 / 12 Feedback Check My Work A. If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? What does the liability always have to be recorded at? 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 on January 1 2. the receipt of the payment of the note at maturity on April 1. Assume a 360-day year and round amounts to the nearest whole dollar. How does grading work? PAGE 1 JOURNAL Score: 51/63 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Notes Receivable 580,000.00 1 2 Cash 580,000.00 3 Apr. 1' Cash 588,700.00 1 4 Notes Receivable 580,000.00 5 Interest Receivable 8,700.00 Points 9.71 / 12 Feedback Check My Work B. As the lender what have you earned by doing business with Bennett Enterprises? As the lender what will you be receiving on the maturity date