Help Serve & Exit Submit Check my work Many business horrow money to meet the needs of Siness activity to financ inventory and accounts Cocible. For Chapter 10 Homework A during periods of increased example. Mitt builds up its fit credit. As a result, Mitt often collects cash from its sales several months after Christmes. Assume on November 1, 2018, Mitt borrowed $6.8 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 7.50 percent ains payable at maturity. The accounting period ends December 31. Required: 2 1. Indicate the accounts, amounts, and effects of the issuance of the note on November 1: (D) impact of the adjusting entry on December 31, 2018; and (the payment of the note and interest on April 30, 2019, on the accounting equation (Do not round intermediate calculations. Enter your answers in whole dollars. Enter any decreases assets, liabilitles, or stockholders equity with a minus sign.) HIX Assets Liabilities Stockholders' Equity D PICK Date November 1, 2018 Dember 31, 2018 April 30, 2016