Bennett Enterprises issues a $600,000, 90 day, 4 note to Spectrum Industries for merchandise inventory A Journalize Bennett Enterprises entries to record (refer to the companys 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 a360 day year and round amounts to the nearest whole dollar PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 B Journalize Spectrum Industries entries to record(refer to the companys 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 PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5

Question: Bennett Enterprises issues a $600,000, 90-day, 4% note to Spectrum Industries for merchandise inventory. A. Journalize Bennett Enterprises entries to record (refer to the companys

Bennett Enterprises issues a $600,000, 90-day, 4% note to Spectrum Industries for merchandise inventory.

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 a360-day year and round amounts to the nearest whole dollar.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5

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.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5

Step by Step Solution

★★★★★

3.42 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Date Description Debit Credit Assets liabilities Equitie... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

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...

JOURNAL DATE DESCRIPTION DEBIT CREDIT 1 12-Jan Wages & Salaries 1 2 FICA Taxes PayableOASDI 2 3 FICA Taxes PayableHI 3 4 Employees FIT Payable 4 5 Employees SIT Payable 5 6 Employees SUTA Payable 6 7...

Determine whether the following statement regarding management accounting's role in assigning decision-making authority is true or false: The syllabus for a college course is a type of report that...

Amanda Webb opened a home health care business under the name Home Care, Inc. During its first month of operations, the business had the following transactions: a. Sold common stock to Ms. Webb and...

Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1, Year 2, at a cost of $84,000. Paper has always used the equity method to account for its investments. On January 1, Year...

The trial balance of Save-Mart Wholesale Company contained the accounts shown at December 31, the end of the company's fiscal year. Adjustment data: 1. Depreciation is $12,000 on buildings and $9,000...

Multiple Choice Questions 1. An account used to record the owner's investments in the business is called a(n): A) Withdrawals account. B) Capital account. C) Revenue account. D) Expense account. E)...

The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room...

Assume that Cathedral Enterprises, which is in its first year of operations, entered into the following transactions. Show how the five transactions affect the accounting equation, and prepare an...

South Coast Boards Co. is a merchandising business. The account balances for South Coast Boards Co. as of July 1, 2010 (unless otherwise indicated), are as follows: During July, the last month of the...

The integral I = dx is [Hint: You may need to use the Mean Value Theorem for Derivatives] convergent and 1

A meteorologist suggests that the median number of deaths per year from tornadoes in the United States is 60. The number of deaths for a sample of 11 years is shown. At = 0.05 is there enough...

Conflict between yourself and colleague 3 . Scenario where you displayed a value Innovation 4 . What are the responsibilities of a supervisor 5 . What is out of your control as a supervisor that you...

The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Dux Company. Additional information from Duxs accounting records is provided also. Additional...

The Denver Iron & Steel Company is expanding its operations to include a new drive-in weigh station. The weigh station will be a heated/air-conditioned building with a large floor and small office....

Moran Company reports the following operating results for the month of August: Sales $350,000 (units 5,000); variable costs $210,000; and fixed costs $90,000. Management is considering the following...

Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. Required: Prepare Tiger's statement of cash flows, using the indirect method to present...

Consecutive five-year balance sheets and income statements of Donna Szabo Corporation are shown below and on the following page. Required a. Compute or determine the following for the years 20052009:...

solv reaction type of reaction (check all that apply) combination O precipitation 2Na(s) + Br, (1) - 2NaBr(s) single replacement O combustion O double replacement O acid-base decomposition O...

need help plz with accounting for the following questions Payroll Entries Widmer Company had gross wages of $274,000 during the week ended June 17 . The amount of wages subject to social security tax...

Entries for notes payable\ Bennett Enterprises issues a $960,000,45 -day, 7% , note to Spectrum Industries for merchandise inventory.\ Assume a 360 days in a year. If required, round your answers to...

Entries for notes payable Bennett Enterprises issues a $396,000, 60-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. If required, round your answers to the...

Entries for notes payable Instructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. Journal-Bennett Ent. Journal-Spectrum in Instructions Bennett Enterprises issues a $625,000,...

Entries for notes payable Bennett Enterprises issues a $924,000, 60-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the...

Entries for notes payable Instructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. V Instructions Bennett Enterprises issues a $535,000, 90-day, 4% note to Spectrum Industries for...