Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $6.4 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 10.00 percent payable at maturity. The accounting period ends December 31, Required: 1, 2 & 3. Prepare the required journal entries to record the note on November 1, 2018, Interest on the maturity date, April 30, 2019, assuming that interest has not been recorded since December 31, 2018. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction fiat Journal entry worksheet Record the borrowing of $6,400,000 Note: Enter bits before credits Date Nov 01, 2018 Credit General Journal Cash Notes Payable (short-term) Debit 5,400,000 8.400.000 Chec Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $6.4 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 10.00 percent payable at maturity. The accounting period ends December 31. Required: 1.2 & 3. Prepare the required journal entries to record the note on November 1, 2018 Interest on the maturity date, April 30, 2019, assuming that interest has not been recorded since December 31, 2018. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Jook im View transaction list orence Journal entry worksheet > Record the Interest accrued on the note payable as of December 31, 2018 Note Internets before credite Dato Dec 31, 2018 Debli Credit General Journal interest Expense Interest Payable Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $6.4 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 10.00 percent payable at maturity. The accounting period ends December 31. Required: 1, 2 & 3. Prepare the required journal entries to record the note on November 1, 2018, interest on the maturity date, April 30, 2019, assuming that interest has not been recorded since December 31, 2018. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) OOK View transaction list Journal entry worksheet 3 > Record the repayment of the note plus interest on the maturity date. Note Enter debits before credits Onte General Journal Debit Credit Apr 30, 2010