Bennett Enterprises issues a $384,000, 30-day, 9%, note to Spectrum Industries for merchandise inventory.
Entries for notes payable
Bennett Enterprises issues a $384,000, 30-day, 9%, 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, leave it blank.
a. Joumalize Bennett Enterprises' entrles to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. Joumalize Spectrum Industries' entries to record: 1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
Homework Answers
a) Journal entry
| 1 | Cash | 384000 | |
| Notes payable | 384000 | ||
| 2 | Notes payable | 384000 | |
| Interest expense (384000*9%*30/360) | 2880 | ||
| Cash | 386880 | ||
b) Journal entry
| 1 | Notes receivable | 384000 | |
| Cash | 384000 | ||
| 2 | Cash | 386880 | |
| Interest revenue(384000*9%*30/360) | 2880 | ||
| Notes receivable | 384000 | ||
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