Bennett Enterprises issues a $696,000, 60-day, 8%, note to Spectrum Industries for merchandise inventory. Assume...
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Accounting
Bennett Enterprises issues a $696,000, 60-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. Question Content Area a. Journalize Bennett Enterprises entries to record: the issuance of the note. the payment of the note at maturity. 1. Inventory Inventory 696,000 Inventory Notes Payable Notes Payable Notes Payable 696,000 2. Notes Payable Notes Payable 696,000 Notes Payable Interest Expense Interest Expense Interest Expense Cash
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