Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable.

Nordstrom, Incorporated, is one of America's most prestigious retallers. Each Christmas season, Nordstrom bullds up its inventory t

meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, Nordstrom often collects

cash from the sales several months after Christmas. Assume that on November $1$ of this year, Nordstrom borrowed $$4\mathrm{.}8$ million cash

from Bank of America to meet short$-$term obligations. Nordstrom signed an interest$-$bearing note and promised to repay the $$4\mathrm{.}8$

million in six months. The annual interest rate was $8$ percent. All Interest will accrue and be paid when the note is due in six months

Nordstrom's accounting period ends December $31.$

Required:

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 $30.$

Note: For all requirements, If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account

field. Enter your answers in whole dollars not in millions $($i$.$e$.,1,000,000$ not $1\mathrm{.}0).$

Recond the adjusting entry for interest at the end or the annual actounting

period.

Note: Enter debit before credite.