Entries for notes payable

Bennett Enterprises issues a $912,000, 30-day, 8%, 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.

1.
2.

b. Journalize Spectrum Industries entries to record:

the receipt of the note.

the receipt of the payment of the note at maturity.

1.
2.