E10-1 (Algo) Determining Financial Statement Effects of Transactions Involving Notes Payable [LO 10-2] Many businesses barrow money during periods of increased business activify to finance inventory and accounts receivable. For example. Mat Corporation bullds up its inventory to meet the needs of relailers selling to Christmas shoppers, A large portion of Mitt Corporation sales are on credit. As a result, Mitt Corporation often coliects cash from its sales severat months after Christmas. Assume on November 1,2021, Mitt Corporation borrowed $7.4 million cash from Metropolitan Bank and sipnod a promissory note that inatures in six months. The interest rate was 6.00 percent payable at maturity. The accounting period ends December 31 . Required: 1. Indicate the accounts, amounts, and eflects of the (a) issuance of the note on Nowember t, (b) impact of the adjusting entry on December 31, 2021, and (c) the parment of the note and interest on April 30, 2022, on the accounting equation, (Do not round intermediate calculations. Enter your answers in whole dellars. Enter amy decreases to assets, liabilities, or stoekholders equity with o minus slign.) sial Statement Effects of Transactions Involving Notes Payable [LO 10-2] serlods of increased bisiness activity to finance inventory and accounts recelvatse. For wentory to meet the needs of retallers selling to Christmas shoppers. A large portion of Mitt ith Mirt Corporation often collects cash from its sales several months after Chalstmas. Assume orrowed \$2.4 mition cash from Metropoltan Bank and signed a promissory note that matures percent payable at maturity. The accounting period ends Decentaer 31. Hects of the (a) issuance of the note on November 1;(b) impoct of the adjusting entry on nt of the note and interest on April 30, 2022, on the accosinting equation. (Do not round answers in whole dollors. Enter ony decreases to essets, liablities, or stockholders equity