On February 1, 2019, Provincial Importers loaned $40,000 cash to Brad Schmidt on a one-year, 3 percent note. Suppose Schmidt defaulted on the note at maturity instead of repaying it. How would Provincial Importers record the default? (Hint: An adjusting entry would have been made on December 31, 2019, the company's year-end.) (Record debits first, then credits. Exclude explanations from journal entries.) Feb. Date 2020 Journal Entry Accounts Debit Credit