Instructions Bennett Enterprises issues a $625,000, 90-day, 10% 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-day year. Journal-Spectrum Ind. B. Joumalize 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 and round amounts to the nearest whole dollar JOURNAL DATE DESCRIPTION POST REE DEBIT CREDIT 1 PAGE 1 ACCOUNTING EQUATION EQUITY ASSETS LIABILITIES O Journal-Bennett Ent 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 and round amounts to the nearest whole dollar. JOURNAL DATE DESCRIPTION POST REF DEBIT CREDIT -~- 1 PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY