Learning Objective $1$

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Bennett Enterprises issues a $$636,000,60-$day, $7\%,$ 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.

Inventory $$

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

the receipt of the note.

the receipt of the payment of the note at maturity.

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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?

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$7$ Check My Work

Partially correct