E9-5 Recording a Note Payable through Its Time to Maturity with Discussion of Management Strategy LO9-1, 9-3 Many businesses borrow money during periods of increased business activity to finance inventory and trade receivables. Hudson's Bay Company is one of Canada's largest general merchandise retailers. Each year, the company builds up its inventory to meet the needs of December holiday shoppers. Assume that on November 1, 2020, the company borrowed $6.5 million cash from the bank for working capital purposes and signed an interest-bearing note due in six months. The interest rate was 6 percent per year, payable at maturity. Assume that the fiscal year of Hudson's Bay ends on December 31. Required: 1. Prepare the journal entry to record the note on November 1, 2020. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Enter your answers in dollars not In millions.) View transaction list Journal entry worksheet Record adjusting entry to accrue interest on note. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general journal 3. Prepare the journal entry to record payment of the note and interest on the maturity date, April 30, 2021 (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Enter your answers in dollars not in millions. Do not round Intermediate calculations.) View transaction list Journal entry worksheet Record entry for amount paid on note on maturity. Note: Enter debits before credits. Date General Journal Debit Credit April 30. 2021 Record entry Clear entry View general journal