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Bennett Enterprises issues a $696,000, 60-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to
Bennett Enterprises issues a $696,000, 60-day, 6%, 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: 1. the issuance of the note. 2. the payment of the note at maturity. 1. Inventory Notes Payable 2. Notes Receivable x Interest Expense Cash
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Financial And Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th Edition
1337119202, 978-1337119207
