Entries for notes payable Bennett Enterprises issues a $804,000, 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: 1. the issuance of the note. 2. the payment of the note at maturity 1. Inventory 804,000 Notes Payable 804,000 104,000 2. Notes Payable Interest Expense Cash 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 Notes Receivable Sales 2. Cash Notes Receivable III Interest Revenue