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Many businesses borrow money during periods of increased business activity to finance inventory and accounts recelvable. For example. Mitt Corporation bullds up its inventory to

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Many businesses borrow money during periods of increased business activity to finance inventory and accounts recelvable. For example. Mitt Corporation bullds up its inventory to meet the needs of retallers selling to Christmas shoppers. A large portion of Mitt Corporation sales are on ciedit. As a result, Mitt Corporation often collects cash from its sales several months after Christmas. Assume on November 1. 2021. Mitt Corporation borrowed $6.3 mililon cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 9,50 percent payable at maturity. The accounting period ends December 31 Required: 1, 2 \& 3. Prepare the required Joumal entiles to record the note on November 1, 2021, the adjusting entry required on December 31 2021 (f any,, and interest on the maturity date, April 30, 2022, assuming that interest has not been recorded since December 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 occount field.)

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