Entries for notes payable

Bennett Enterprises issues a $612,000, 60-day, 9%, note to Spectrum Industries for merchandise inventory.

Assume a 360-day year. If required, round your answers to the nearest dollar. For a compound transaction, 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.