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 retailers selling to Christmas shoppers. A large portion of Mi Corporation sales are on credit. As a result, Mitt Corporation often collects cash from its sales several months after Christmas. Assu on November 1, 2021, Mitt Corporation borrowed $77 million cash from Metropolitan Bank and signed a promissory note that matur in six months. The interest rate was 7,50 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, 2021, the adjusting entry required on December 31 2021 (if any), and interest on the maturity date, April 30, 2022, assuming that interest has not been recorded since Decembe 31, 2021. (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.) No Date Nov 01, 2021 Answer is not complete. General Journal Cash Notes Payable (short-term) Credit 1 Debit 7.700,000 7,700,000 2 Dec 31, 2021 Interest Expense Interest Payable 96,250 96,250 3 3 Apr 30, 2022 Notes Payable (short-term) Interest Expense lo 7.700,000