Bennett Enterprises issues a $672,000, 60-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year.
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 records:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
