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On November 1, 2018, Benton Inc. accepted a three-month, 8%, $61,200 note from Canarie Inc. in settlement of its account. Interest is due on the

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On November 1, 2018, Benton Inc. accepted a three-month, 8%, $61,200 note from Canarie Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies' year ends are December 31. (a) Prepare all journal entries for Benton over the term of the note. Assume that the note is collected in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit

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