1. Entries for notes payable

   Bennett Enterprises issues a $708,000, 30-day, 7%, 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:

   1. the issuance of the note.
   2. the payment of the note at maturity.

   1.		fill in the blank e331a2fdc07c048_2
   			fill in the blank e331a2fdc07c048_4
   2.		fill in the blank e331a2fdc07c048_6	fill in the blank e331a2fdc07c048_7
   		fill in the blank e331a2fdc07c048_9	fill in the blank e331a2fdc07c048_10
   		fill in the blank e331a2fdc07c048_12	fill in the blank e331a2fdc07c048_13

   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.		fill in the blank 4d142c01dfd401d_2
   			fill in the blank 4d142c01dfd401d_4
   2.		fill in the blank 4d142c01dfd401d_6	fill in the blank 4d142c01dfd401d_7
   		fill in the blank 4d142c01dfd401d_9	fill in the blank 4d142c01dfd401d_10
   		fill in the blank 4d142c01dfd401d_12	fill in the blank 4d142c01dfd401d_13

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