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Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable, For example. Mitt Corporation builds up its inventory to

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Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable, For example. Mitt Corporation builds up its inventory to meet the needs of retaliers selling to Christmas shoppers. A large portion of Mitt Corporation sales are on credit As a result. Mitt Corporatiop often collects cash from its sales several months after Christmas, Assume on November 1. 2021. Mitt Corporation borrowed $84 milion cash from Metropolitan Eank and signed o promissory note that matures in six months, The interest rote was 850 percept payable at inaturty The accounting penod ends December 31. Required: 1, 2 \& 3. Prepare the required joumal entries to record whe note on November / 2021 the adjusting entry required on Desember 31 2021 if any and interest on the maturity date, Apri 30.2022 assuming that interest has not been recorded since December 31. 2021 (Enter your onswers in whole dollors. If no entry is required for o tronsoction/event, select "No Journal Entry Required" in the first occount field)

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