Check my work 1 15 Many businesses borrow money during periods of increased business activity to finance Inventory and accounts receivable. For example, Matt Corporation builds up its inventory to meet the needs of retailers selling to Christmas shoppers, A large portion of Me 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 $6.7 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 700 percent payable at maturity. The accounting period ends December 31 Required: 1. indicate the accounts, amounts, and effects of the issuance of the note on November to impact of the adjusting entry on December 31, 2021; and (the payment of the note and interest on April 30, 2022, on the accounting equation. (Do not round intermediate calculations. Enter your answers in whole dollars. Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) 04 A Cash Dute a. November 1, 2021 December 31, 2021 Apr 30, 2012 Little 6.700,000 - Notes Payable short-term) Pinterest Payable Payable short-term) Interest Payable Black 6.700,000 781,666. Interest Expense 000) - ons 781,666) Cash