Bennett Enterprises issues a $876,000, 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. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select - - Select - b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the

Bennett Enterprises issues a $876,000, 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. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select - - Select - b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....

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Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019
Bennett Enterprises issues a $ 744,000, 45-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. 2. Question Content Area b. Journalize Spectrum Industries' entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. 2.
Entries for notes payable Bennett Enterprises issues a $708,000, 45-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. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select -
Bennett Enterprises issues a $648,000, 60-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. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the nent of the note at rity. 1. 2.
Entries for notes payable Bennett Enterprises issues a $504,000, 30-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. 2. Question Content Area b. Journalize Spectrum Industries' entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. 2.
Bennett Enterprises isues a $480,000, 45-day, 9%, 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: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2. 00
Entries for notes payable Bennett Enterprises issues a $384,000, 45-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. 1. fill in the blank fill in the blank fill in the blank fill in the blank 2. fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. fill in the blank fill in the blank fill in the blank fill in the blank 2. fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank
Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2.
Entries for notes payable Bennett Enterprises issues a $432,000, 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. 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.
Entries for Notes Payable Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Laughlin Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. fill in the blank 64677a0a8f9b073_2 fill in the blank 64677a0a8f9b073_3 fill in the blank 64677a0a8f9b073_5 fill in the blank 64677a0a8f9b073_6 2. fill in the blank 64677a0a8f9b073_8 fill in the blank 64677a0a8f9b073_9 fill in the blank 64677a0a8f9b073_11 fill in the blank 64677a0a8f9b073_12 fill in the blank 64677a0a8f9b073_14 fill in the blank 64677a0a8f9b073_15 b. Journalize Morrison Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. fill in the blank 9616b40e100d004_2 fill in the blank 9616b40e100d004_3 fill in the blank…
Entries for notes payable Bennett Enterprises issues a $612,000, 30-day, 6%, 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. 1. Inventory fill in the blank aff4bdfd404a000_2 fill in the blank aff4bdfd404a000_3 Notes Payable fill in the blank aff4bdfd404a000_5 fill in the blank aff4bdfd404a000_6 2. Notes Payable fill in the blank aff4bdfd404a000_8 fill in the blank aff4bdfd404a000_9 Interest Expense fill in the blank aff4bdfd404a000_11 fill in the blank aff4bdfd404a000_12 Cash