Entries for notes payable Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory Assume a 360-day year. 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. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2 Laculo Print Item Evaluating Alternative Notes A borrower has two alternatives for a loan: (1) issue a $150,000, 45-day, 4% note or (2) issue a $150,000, 45-day note that the creditor discounts at 4%. Assume a 360- day year a. Calculate the amount of the interest expense for each option for each alternative. b. Determine the proceeds received by the borrower in each situation. (1) $150,000, 45-day, 4% interest-bearing note (2) $150,000, 45-day note discounted at 4% c. Alternative is more favorable to the borrower because the borrower Previous Next > Check My Work Save and Email instructor Submit Almere for Gradina All work saved Entries for Notes Payable A business issued a 120-day, 5% note for $60,000 to a creditor on account. Journalize the entries to record(a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year If an amount box does not require an entry, leave it blank II III II III Nex) Check My Work Send