Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Target Corporation is one of America's largest general merchandise retailers. Each Christmas. Target builds up its inventory to meet the needs of Christmas shoppers. A large portion of Christmas sales are on credit. As a result, Target often collects cash from the sales several months after Christmas. Assume that on November 1, 2015. Target borrowed $6.0 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 8.00 percent payable at maturity. The accounting period ends December 31. Required: 1,2&3. Complete the required journal entries to record the note on November 1, 2015, interest on the maturity date, April 30, 2016, assuming that interest has not been recorded since December 31 2015. (Enter your answers in whole dollars. If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 23 Record the borrowing of $6,900,000. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2015 Record entry Clear entry View general journal my businesses borrow money during periods of increased business activity to finance inventory ounts receivable. Target Corporation is one of America's largest general merchandise retailers. Each istmas. Target builds up its inventory to meet the needs of Christmas shoppers. A large portion of Istmas sales are on credit. As a result, Target often collects cash from the sales several months after istmas. Assume that on November 1, 2015, Target borrowed 56.9 million cash from Metropolitan Bank signed a promissory note that matures in six months. The interest rate was 8.00 percent payable at turity. The accounting period ends December 31. quired: 43. Complete the required journal entries to record the note on November 1, 2015, interest on the maturity date, April 30, 2016, assuming that interest has not been recorded since December 31. 2015. (Enter your answers in whole dollars. If no entry is required for a transactionlevent select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the interest accrued on the note payable as of December 31, 2015, Note: Enter debits before credits General Journal Debit Credit Date December 31, 2015 Record entry Clear entry View general journal ny businesses borrow money during periods of increased business activity IU II ounts receivable. Target Corporation is one of America's largest general merchandise retailers. Each ristmas, Target builds up its inventory to meet the needs of Christmas shoppers. A large portion of ristmas sales are on credit. As a result, Target often collects cash from the sales several months after Tistmas. Assume that on November 1, 2015, Target borrowed $6.9 million cash from Metropolitan Bank signed a promissory note that matures in six months. The interest rate was 8.00 percent payable at turity. The accounting period ends December 31. quired: 83. Complete the required journal entries to record the note on November 1, 2015, interest on the maturity date, April 30, 2016, assuming that interest has not been recorded since December 31. 2015. (Enter your answers in whole dollars. If no entry is required for a transactionlevent select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the repayment of the note plus interest on the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit April 30, 2016 Record entry Clear entry View general journal
