1 Check my work E10-2 (Algo) Recording Notes Payable through the Time to Maturity (LO 10-2) 3 points book Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt Corporation builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt Corporation sales are on credit. As a result, Mitt Corporation often collects cash from its sales several months after Christmas. Assume on November 1 2021, Mitt Corporation borrowed $82 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 10.00 percent payable at maturity. The accounting period ends December 31 Required: 1, 2 & 3. Prepare the required journal entries to record the note on November 1, 2021, the adjusting entry required on December 31 2021f any), and interest on the maturity date, April 30, 2022. assuming that interest has not been recorded since December 31, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction lit IMO Journal entry worksheet 2 3 Record the borrowing of $3,200,000 View transactions 3 Journal entry worksheet > Record the borrowing of $8,200,000 Note: Enter debes before creen General Journal Cred Date Nov 01, 2021 (Cash IMG View generator Clear entry Record entry Prev 1 of 2 Next > MC Graw HINN Journal entry worksheet De werden Curry Grow Pre of 2 Ne> A MacBook Air Journal entry worksheet Dale Agr Prev 11 Next > MacBook 2 4 Svet Iub 2 7 po PA10-2 (Algo) Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to- Assets Ratio (LO 10-2, LO 10-5) Jack Hammer Company completed the following transactions. The annual accounting period ends December April 30 received 1735.000 from Commerce Bank after signing 12th, 6 percent. Procery ste June 6 Purchased merchandise account at a cost of $4,000. Assume a Perpetual Inventory ) July 15 paid for the June 6 purchase August 31 signed a contract to provide security service to a wall sparent complex starting in Setter, and collected six months fees in advance amounting to $29.400 December 31 Determined salary and wages of $19.626 were carried out not yet as of December 31 emrat taxes. December 31 Adjusted the accounts a year-end relating to interest. December 31 Adjusted the accounts at year-end, relating to security vite. Required: 1. & 2. Prepare journal entries for each of fie transactions through August and adjusting entries reved on December 31 3. Show how all of the laboties arsin from these items are reported on the biance sheet at December 31 Complete this question by entering your answers in the tabs below. Read R3 Prepare journal entries for each of the transactions through August and adjusting entries und Dr. intermediate clations for is reguited for a transaction et le marr