Many businesses borrow money during periods of increased business activity to finance inventory and trade receivables. Nordstrom,

Inc., is one of North America's most prestigious retailers. Each year, the company builds up its inventory to meet the needs of

December holiday shoppers. Assume that on November $1,2023,$ the company borrowed $$6\mathrm{.}2$ 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.

Nordstrom's fiscal year ends on December $31.$

Required:

Prepare the journal entry to record the note on November $1,2023.($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.$)$

Journal entry worksheet

Record entry for amount borrowed on $6-$month note.

Note: Enter debits before credits.

Prepare any adjusting entry required at December $31,2023.($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. Do not round intermediate calculations.$)$

Journal entry worksheet

Record adjusting entry to accrue interest on note.

Note: Enter debits before credits.

Prepare the journal entry to record payment of the note and interest on the maturity date, April $30,2024.($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. Do

not round intermediate calculations.$)$

Journal entry worksheet

Record entry for amount paid on note on maturity.

Note: Enter debits before credits.