3 entries please

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 $71 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 9.00 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 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 $7,100,000 Note Enter debts before credits General Journal Debit Credit Date Nov 01, 2021 any businesses borrow money during periods of increased business activity to finance invento xample, Mitt Corporation builds up its inventory to meet the needs of retailers selling to Christ brporation sales are on credit. As a result, Mitt Corporation often collects cash from its sales se n November 1, 2021, Mitt Corporation borrowed $71 million cash from Metropolitan Bank and si six months. The interest rate was 9.00 percent payable at maturity. The accounting period end equired: . 2 & 3. Prepare the required journal entries to record the note on November 1, 2021, the adjustir 2021 (if any), and interest on the maturity date, April 30, 2022, assuming that interest has n 31, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/es Required" in the first account field.) View transaction list Journal entry worksheet Record the interest accrued on the note payable as of December 31, 2021. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2021 View transaction list Journal entry worksheet