Entries for notes payable Obj. 1 Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries

Question:

Entries for notes payable Obj. 1 Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory.

a. Journalize Bennett Enterprises’ entries to record:

1. the issuance of the note.

2. the payment of the note at maturity.

b. Journalize Spectrum Industries’ entries to record:

1. the receipt of the note.

2. the receipt of the payment of the note at maturity.

AppendixLO1

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