PART B: JOURNALIZE SPECTRUM INDUSTRIES' ENTRIES: NOTES RECEIVABLE: SALES: CASH: NOTES RECEIVABLE: INTERESt REVENUE:

Bennett Enterprises issues a $852,000, 60-day, 7%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar. 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 Notes Payable 11 11 2. Notes Payable Interest Expense Cash