E10-2 Recording a Note Payable through Its Time to Maturity [LO 10-2] businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Target Corporation is one of America's largest general merchandise retailers. Each Target builds up its inventory to meet the needs of Christmas shoppers. A large portion of Christmas sales are on credit. As a resut, Target often collects cash from the sales several months after Christmas. Assume that on November 1, 2015, maturity. The aocounting period ends December 31. Required: arget borrowed $6 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 8.,0 percent payabile at 1,283. Complete the required journal entries to record the note on November 1, 2015, interest on the maturity date, April 30, 2016, assuming that interest has not been recorded since December 31 your answers in whole dollars. f no entry is required for a transaction/event 2015. (Entor select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 3 Record the borrowing of $6,00o,000. Note: Enter debits before credits. Date General Journal Debit Credit November 01,2015 Record entry Clear entry Viow general journal 1,283. Complete required jourmal entries to record the note on November 1, 2015, interest on the the maturity dato, Apri! 30, 2010., asevuming thet ntoront has not been recorded since Decormbor 31 select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet Record the repayment of the note plus interest on the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit April 30, 2016 Record entry Clear entry View general journal