Many businesses bortow money during periods of increased business activity to finonce inventory and accounts receivable. Nordstrom, incorporated, is one of America's most prestigious retailers. Each Christmas season, Nordstrom builds up its inventory to meet the needs of Cheistmas shoppers. A large portion of these Christmas salos are on credit. As a resuit, Nordstrom often collects cash from the sales several months after Christmas. Assume that on Nowember 1 of this year, Nordstrom borrowed $48 milion cash from Bank of America to meet short-term obligatons. Nordstrom signod an interost-bearing note and promised to repay the $4.8 milion in six months. The annual interest rate was 8 pereent. Alt interest wil accrue and be paid when the note is due in six months. Nordstrom's accounting poriod ends December 31 Required: 1. Prepole the journal entry to record the note on Nowember 1. 2. Prepare any odjusting entry required at the end of the annual accounting peciod on December 31 3. Prepare the journal entry to record poyment of the note and interest on the maturity date, April 30 Nete: For all requirements, If no entry is required for a transactionievent, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in malions (1. e4,1,000,000 not 1,0) Journal entry worksheet 13 Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for interest at the end of the annual accounting period. Note: Enter debits before credits. Journal entry worksheet Record the payment of the note and interest on the maturity date. Note: Enter debits before credits