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Bennett Enterprises issues a $580,000,90-day, 6% note to Spectrum industries for merchandise inventory Required: A Joumalue Bennelt Enterprises' entres fo record (refer to the company's Chart of Accounts for exact wording of account tites) 1 the issuance of the note 2 the payment of the note at maturity. Assume a 360 -day year. B. Joumalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account thtles) 1. the receipt of the note. 2. the receipt of the payment of the note at maturity Assume a 360-day year hart of Accounts-Bennett Ent Chart of Accounts-Bennett Ent. 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Expense 710 Interest Expense Chart of Accounts-Bennett Ent. 219 Employees Stafe Income Tax Payable 710 Interes 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liabilty 228 Product Warranty Payable 229 EPAFines Payable 230 Litigation Claims Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Instructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. Journal-Bennett Ent. Chart of Accounts-Spectrum Ind ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 . Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense ies for notes payable nstructions Chart of Accounts-Bennett Ent. Chart of Accounts-Spectrum Ind. art of Accounts-Spectrum Ind. 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federl Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPA Fines Payable 230 Litigation Claims Payable 535 rayroir rax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Expense 710 Interest Expense A Joumalze Bennett Enterprises' entries to recard (refer to the company's Chart of Accounts for exact wording of account tides) 1. the issuance of the note on January 1 2. the payment of the note at matuinty on Apvil 1. Assume a 360-day year and round amounts to the nearest whole dolar 8. Joumalice Spectrum Induspres' entres fo record (refer to the compary's Chart of Accounts for exact wording of account tites) 1. The receipt of the node on January 1 2. the recept of the payment of the note at matunty on Apnit 1. Assume a 360-day year and round amounts fo the nearest whate dollar

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