Mathematics, 05.10.2020 23:01 useralreadytaken
Entries for notes payable
Bennett Enterprises issues a $828,000, 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:
the issuance of the note.
the payment of the note at maturity.
b. Journalize Spectrum Industries’ entries to record:
the receipt of the note.
the receipt of the payment of the note at maturity.
Answers: 3
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Entries for notes payable
Bennett Enterprises issues a $828,000, 60-day, 7%, note to Spectrum Indus...
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