Entries for notes payable Bennett Enterprises issues a $828,000, 60-day, 7%, 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.

a. Journalize Bennett Enterprises’ entries to record:

the issuance of the note.
the payment of the note at maturity.

b. Journalize Spectrum Industries’ entries to record:

the receipt of the note.
the receipt of the payment of the note at maturity.