Journalize Industries entries to record receipt of note

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Reference no: EM133037263

Question - Entries for notes payable - Bennett Enterprises issues a $696,000, 30-day, 8%, 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. Please note that the options for left column of journal entry are: cash, interest expense, interest revenue,  notes receivable, sales, notes payable, accounts receivable.

Required - Journalize Spectrum Industries' entries to record:

1. the receipt of the note.

2. the receipt of the payment of the note at maturity.

Reference no: EM133037263

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