Bennett Enterprises issues a $696,000, 60-day, 8%, note to Spectrum Industries on 8/1/21 for the purchase of inventory. Assume a 360-day year. a. Journalize Bennett Enterprises' entries to record: b. Journalize Spectrum Industries' entries to record: 1. The issuance of the note. 1. The receipt of the note. 8/1/21 Inventory 696,000 8/1/21 Notes Receivable Notes Payable 696,000 696,000 Revenue 696,000 2. The payment of the note at maturity. 10/31/21 Notes Payable 696,000 Interest Expense 9,280 Cash 705,280 2. The receipt of the payment of the note at maturity. 10/31/21 Cash 705,280 Notes Payable Interest Payable 696,000 9,280 Bennett Enterprises issues a $696,000, 60-day, 8%, note to Spectrum Industries on 12/1/21 for the purchase of inventory. Assume a 360-day year. If required, round your answers to the nearest dollar. a. Journalize Bennett Enterprises' entries to record: b. Journalize Spectrum Industries' entries to record: 1. The issuance of the note. 1. The receipt of the note. 12/1/21 Inventory 696,000 12/1/21 Notes Receivable Notes Payable 696,000 2. The accrual of interest on 12/31/21. 12/31/21 Interest Expense 4,640 Interest Payable 4,640 3. The payment of the note at maturity. 2/1/22 Notes Payable Interest Expense Cash 696,000 696,000 Revenue 696,000 2. The accrual of interest on 12/31/21. 12/31/21 Interest Receivable 4,640 Interest Revenue 4,640 3. The receipt of the payment of the note at maturity. 2/1/22 Cash Notes Payable Interest Expense 696,000