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 company's 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 company's 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-dey year W payable Chart of Accounts-Bennett Enterprises CHART OF ACCOUNTS Bennett Enterprises General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable 115 Inventory EXPENSES 510 Cost of Goods Sold 116 Supplies 118 Prepaid Insurance 120 Land 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Seling Expenses 123 Building 124 Accumulated Depreciation-Building Check My Work All work saved ment Score: 12.5% hart of Accounts-Bennett Enterprises 113 Notes Receivable EXPENSES 510 Cost of Goods Sold 115 Inventory 520 Salaries Expense 524 Depreciation Expense-Building 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable Journal Spectrum Industries Journal-Bennett Enterprises A Journalize Bennett Enterprises entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note on January 1 2. the payment of the note at maturity on April 1. Assume a 360 day year. ACCOUNTING EQUA JOURNAL DEBIT ASSETS CREDIT LIABILITIES POST. REF. DESCRIPTION Check My Work All work saved B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note on January 1 2. the receipt of the payment of the note at maturity on April 1. Assume a 360 day year. JOURNAL ACCOUNTING EQU POST REF ASSETS DESCRIPTION LIABILITIES Chuck My Work All work saved