Entries for notes payable Instructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. V Instructions Bennett Enterprises issues a $535,000, 90-day, 4% note to Spectrum Industries for merchandise inventory Required: A. Journalize Bennett Enterprises entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note. 2. the receipt of the payment of the note af maturity. Assume a 360-day year. Journal-Bennett Ent. A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note on January 1. 2. the payment of the note at maturity on April 1. Assume a 360-day year and round amounts to the nearest whole dollar. ACCOUNTING EQU JOURNAL LUMILITIES DEBIT CREDIT ASSETS POST. RER DESCRIPTION DATE 2 3 4 5 Journal-Bennett Ent. Journal-Spectrum Ind B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles); 1. the receipt of the note on January 1, 2 the receipt of the payment of the note at maturity on April 1. Assume a 360-day year and round amounts to the nearest whole dotter, ACCOUNTING EOS JOURNAL CREDIT ASSETS LIABILITIES POST HET DEBIT DESCRIPTION DATE 1 2 3 Previous Next