Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory.

Required:

A.

Journalize Bennett Enterprises entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.	the issuance of the note.
2.	the payment of the note at maturity. Assume a 360-day year.

B.

Journalize Spectrum Industries entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.	the receipt of the note.
2.	the receipt of the payment of the note at maturity. Assume a 360-day year.