Entries for notes payable Bennett Enterprises issues a $612,000, 30-day, 6%, 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. 1. Inventory fill in the blank aff4bdfd404a000_2 fill in the blank aff4bdfd404a000_3 Notes Payable fill in the blank aff4bdfd404a000_5 fill in the blank aff4bdfd404a000_6 2. Notes Payable fill in the blank aff4bdfd404a000_8 fill in the blank aff4bdfd404a000_9 Interest Expense fill in the blank aff4bdfd404a000_11 fill in the blank aff4bdfd404a000_12 Cash
Entries for notes payable Bennett Enterprises issues a $612,000, 30-day, 6%, 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. 1. Inventory fill in the blank aff4bdfd404a000_2 fill in the blank aff4bdfd404a000_3 Notes Payable fill in the blank aff4bdfd404a000_5 fill in the blank aff4bdfd404a000_6 2. Notes Payable fill in the blank aff4bdfd404a000_8 fill in the blank aff4bdfd404a000_9 Interest Expense fill in the blank aff4bdfd404a000_11 fill in the blank aff4bdfd404a000_12 Cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for notes payable
Bennett Enterprises issues a $612,000, 30-day, 6%, 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.
| 1. | Inventory | fill in the blank aff4bdfd404a000_2 | fill in the blank aff4bdfd404a000_3 |
| Notes Payable | fill in the blank aff4bdfd404a000_5 | fill in the blank aff4bdfd404a000_6 | |
| 2. | Notes Payable | fill in the blank aff4bdfd404a000_8 | fill in the blank aff4bdfd404a000_9 |
| Interest Expense | fill in the blank aff4bdfd404a000_11 | fill in the blank aff4bdfd404a000_12 | |
| Cash |
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