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Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a.  Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. Transaction Account Debit Credit 1.               2.                         Feedback Area   Feedback   Question Content Area b.  Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. Transaction Account Debit Credit 1.               2.

Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a.  Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. Transaction Account Debit Credit 1.               2.                         Feedback Area   Feedback   Question Content Area b.  Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. Transaction Account Debit Credit 1.               2.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory.

Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank.

Question Content Area

a.  Journalize Bennett Enterprises’ entries to record:

  1. the issuance of the note.
  2. the payment of the note at maturity.
Transaction Account Debit Credit
1.
 
    
 
 
    
2.
 
    
 
 
    
 
 
    
 

Feedback Area

 
Feedback
 

Question Content Area

b.  Journalize Spectrum Industries’ entries to record:

  1. the receipt of the note.
  2. the receipt of the payment of the note at maturity.
Transaction Account Debit Credit
1.
 
    
 
 
    
2.
 
    
 
 
    
 
 
    
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