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 $360-$day year.