On November 1 GUT Company borrows $480,000 from a bank at 6% interest for 6 months due May 1. The principal and interest are due at maturity. What journal entry should GUT Company make on November 1? What effect does this entry have on the accounting equation? What journal entry should GUT Company make concerning this note on December 31? What effect does this entry have on the accounting equation? on May 1, the company pays the note in full. What journal entry should the company make to record the payment on May 1? What effect does this entry have on the accounting equation