E10-2 (Algo) Recording Notes Payable through the Time to Maturity [LO 10-2) Many businesses borrow money during perlods 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 $7.9 millon cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 8.50 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 2021f 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.) Answer is complete but not entirely correct. NO C 1 Nov 01 2021 General Journal Cash Notes Payable (short-term) Debit 17.900,000 7 000 000 2 Dec 31, 2021 Interest Expono Interest Payablo 111.916 111.9103 3 Apr 30 2022 Notes Payable (short term Interest Payable Interest Expone 7.900.000 111.910 223.833