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Bennett Enterprises issues a $372,000, 60 day, 6%, 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, le it blank a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity 1. 2 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 2 Entries for Notes Payable A business issued a 120 day, 10% note for $92,000 to a creditor on account. Journalize the entries to record a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank, a b. 11 Fixed Asset Purchases with Note On June 30, Collins Management Company purchased land for $640,000 and a building for $960,000, paying $800,000 cash and issuing a 7% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $40,000 on the principal plus the interest accrued from the date of the preceding payment If an amount box does not require an entry, leave it blank a. Journalize the entry to record the transaction on June 30. June 30 b. Journalize the entry to record the payment of the first installment on December 31 Dec. 31 C. Journalize the entry to record the payment of the second installment the following June 30. June 30 Calculate Payroll An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 10 hours per week. Assume that the employee worked 55 hours during the week. Assume that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $670.45. a. Determine the gross pay for the week If applicable, round your final answer to two decimal places b. Determine the net for the week

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