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Journalize spectrum industries entries

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Reference no: EM133156287

Question - Bennett Enterprises issues a $612,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year.

Required -

a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity.

b. 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: EM133156287

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