Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bennett enterprises issues a $396,000, 45-day, 8%,

Bennett Enterprises issues a $396,000, 45-day, 8%, note to Spectrum Industries for merchandise inventory. Assume...

60.1K

Verified Solution

Question

Accounting

Bennett Enterprises issues a $396,000, 45-day, 8%, note to Spectrum Industries for merchandise inventory.

Assume a 360-day year. If required, round your answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Journalize Bennett Enterprises entries to record:

  1. the issuance of the note.
  2. the payment of the note at maturity.
1. fill in the blank
fill in the blank
2. fill in the blank fill in the blank
fill in the blank fill in the blank
fill in the blank fill in the blank

b. Journalize Spectrum Industries entries to record:

  1. the receipt of the note.
  2. the receipt of the payment of the note at maturity.
1. fill in the blank
fill in the blank
2. fill in the blank fill in the blank
fill in the blank fill in the blank
fill in the blank fill in the blank

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students