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Can someone help me correct these both titles and numbers. Chapter 10 Homework Swed Help Save & Exit Submit Check my work mode: This shows
Can someone help me correct these both titles and numbers.
Chapter 10 Homework Swed Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 Many businesses borrow money during periods of increased business activity to finance Inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $6.8 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate wes 7.50 percent payable at maturity. The accounting period ends December 31. 3 palnis Required: 1. Indicate the accounts, emounts, and effects of the (A) issuance of the note on November 1: (9) impact of the adjusting entry on December 31, 2018; and the payment of the note and interest on April 30. 2019. on the accounting equation. (Do not round Intermediate calculations. Enter your answers in whole dollars. Enter any decreases to assets, llabilities, or stockholders equity with a minus sign.) Answer is complete but not entirely correct. Assets Stockholders' Equity Cash 5,800.000 Date November 1, 2018 December 31, 2016 Apr 30, 2019 Llabilities Notes Payable long-term) Interest Payable Notes Payable (long-term) Interest Payable Interest Expense Interest Expense 6800,000 170,000 6,HCOM) (170.000) 1170,000 13401,4100) Cash 17.3111,001)
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