Many businesses borrow money during periods of increased business activity to finance inventory and accounts recel FederalWay, Incorporated, is one of America's most prestigious retallers. Each Christmas season, FederalWay builds $U$ meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, FederalWa$)$ cash from the sales several months after Christmas. Assume that on November $1$ of this year, FederalWay borrowed $ from Third Fifth Bank to meet short$-$term obligations. FederalWay signed an Interest$-$bearing note and promised to re million In six months. The annual Interest rate was $8$ percent All Interest will accrue and be pald when the note is due FederalWay's accounting period ends December $31.$

Requlred:

Note: For all requirements, If no entry is required for a transactlon$/$event$,$ select $"$No journal entry required" In the field. Enter your onswers In whole dollars not In millions $($I$.$e$.,1,000,000$ not $1\mathrm{.}0).$

Prepare the journal entry to record the note on November $1.$

Prepare any adjusting entry required at the end of the annual accounting period on December $31.$

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

Journal entry worksheet

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Record the note on November $1.$