Entries for notes payable

Bennett Enterprises issues a $$600,000,120-$day, $4\%$ note to Spectrum Industries for merchandise inventory.

Assume $360$ days in a year. If an amount box does not require an entry, leave it blank.

a$.$ Journalize Bennett Enterprises' entries to record:

the issuance of the note.

the payment of the note at maturity.

$,$

b$.$ Journalize Spectrum Industries' entries to record:

the receipt of the note.

the receipt of the payment of the note at maturity.