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please assist ill like if correct Entries for notes payable Bennett Enterprises issues a $492,000,30-day, 7%, note to Spectrum Industries for merchandise inventory. Assume a
please assist ill like if correct
Entries for notes payable Bennett Enterprises issues a $492,000,30-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 biank. a. Joumalize Bennett Enterprises' entries to record: 1. the issuance the note. 2. the payment of the note at maturity. Tonerky whe If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? what does the liability always have to be recorded at? b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity roneck My Woen If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? What does the liablity always have to be recorded at? . Journalize Spectrum industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. Tcreak My wok As the lender what have you earned by doing business whth Bennett Enterprises? As the lender what wal you be receivino on the maturity date Step by Step Solution
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