1 ts Print E10-2 (Static) Recording Notes Payable through the Time to Maturity [LO 10-2] Many businesses borrow money during periods of increased business activity to finance Inventory and accounts receivable. For example, Mattel builds up its inventory to meet the needs of retailers selling to Christmas shoppers A large portion of Mattel's sales are on credit. As a result, Mattel often collects cash from its sales several months after Christmas. Assume on November 1, 2021, Mattel borrowed $6 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 8.0 percent payable at maturity. The accountin 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 2021 (if 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 list Journal entry worksheet < 1 2 3 Record the borrowing of $6,000,000. Ninte Enter dobite halve edite Learn ald be and vebsi ues or Journal entry worksheet 1 2 3 Record the borrowing of $6,000,000. Note: Enter debits before credits. Date Nov 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 3 Record the interest accrued on the note payable as of December 31, 2021. Note: Enter debits before credits. Date Dec 31, 2021 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet < 2 Record the interest accrued on the note payable as of December 31, 2021. Note: Enter debits before credits. Date Dec 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal