Bennett Enterprises issues a $780,000, 45-day, 8%, 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.

Question Content Area

a. Journalize Bennett Enterprises’ entries to record:

the issuance of the note.

the payment of the note at maturity.

1.	CashInterest RevenueInventoryNotes PayableNotes Receivable	- Select -	- Select -
	CashInterest ExpenseInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -
2.	CashInterest PayableInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -
	Accounts PayableCashInterest ExpenseInterest RevenueNotes Receivable	- Select -	- Select -
	CashInterest ExpenseInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -

Question Content Area

b. Journalize Spectrum Industries’ entries to record:

the receipt of the note.

the receipt of the payment of the note at maturity.

1.	CashInterest ExpenseInterest RevenueNotes ReceivableSales	- Select -	- Select -
	CashInterest ExpenseInterest ReceivableNotes ReceivableSales	- Select -	- Select -
2.	CashInterest ExpenseInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -
	CashInterest ExpenseInterest ReceivableNotes PayableNotes Receivable	- Select -	- Select -
	Accounts ReceivableCashInterest ExpenseInterest RevenueNotes Payable	- Select -	- Select -

Answer rating: 100% (QA)

Part A The journal entries for Bennett Enterprises are as follows 1 Upon the issuance of the note th... View the full answer