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Entries for notes payable Bennett Enterprises issues a $420,000, 60-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round

Entries for notes payable

Bennett Enterprises issues a $420,000, 60-day, 9%, 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. CashInterest RevenueInventoryNotes PayableNotes ReceivableInventory

Inventory

Inventory

CashInterest ExpenseInterest RevenueNotes PayableNotes ReceivableNotes Payable

Notes Payable

Notes Payable

2. CashInterest PayableInterest RevenueNotes PayableNotes ReceivableNotes Payable

Notes Payable

Notes Payable

Accounts PayableCashInterest ExpenseInterest RevenueNotes ReceivableInterest Expense

Interest Expense

Interest Expense

CashInterest ExpenseInterest RevenueNotes PayableNotes ReceivableCash

Cash

Cash

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