record the adjusting entry for interest at the end of annual accounting

Many businesses borrow money during periods of increased business activiy to finance inventory and accounts FederalWay, Incorporated, is one of America's most prestigious retallers. Each Christmas sedson, FecteralWay be meet the needs of Christmas shoppers. A large portion of these Chiristmas sales are on eredit. As a result Feder. cash from the sales several months after Christmas. Assume that on November 1 of this year FederalWoy borrow from Third Firth Bank to meet short-term obligations. FederalWay signed an interest bearing nete and promised : million in six months. The annual interest rate was 6 percent. All interest will acerte and be paid when the note to FederalWay's accounting period ends December 31 . Required: Note: For all requirements, if no entry is required for a transaction/evene, select "No journal antry raquirac" in t field, Enter your answers in whole dollors nor in millions (i.e., 1,000,000 not t.0). 1. Prepare the journal entry to record the note on November 1. 2. Prepare any adjusting entry required at the end of the annual accounting period on December 31. 3. Prepare the journal entry to record payment of the note and interest on the maturity date: Aprii 30 Journal entry worksheet period. Many businesses borrow money during periods of increased business activiy to finance inventory and accounts FederalWay, Incorporated, is one of America's most prestigious retallers. Each Christmas sedson, FecteralWay be meet the needs of Christmas shoppers. A large portion of these Chiristmas sales are on eredit. As a result Feder. cash from the sales several months after Christmas. Assume that on November 1 of this year FederalWoy borrow from Third Firth Bank to meet short-term obligations. FederalWay signed an interest bearing nete and promised : million in six months. The annual interest rate was 6 percent. All interest will acerte and be paid when the note to FederalWay's accounting period ends December 31 . Required: Note: For all requirements, if no entry is required for a transaction/evene, select "No journal antry raquirac" in t field, Enter your answers in whole dollors nor in millions (i.e., 1,000,000 not t.0). 1. Prepare the journal entry to record the note on November 1. 2. Prepare any adjusting entry required at the end of the annual accounting period on December 31. 3. Prepare the journal entry to record payment of the note and interest on the maturity date: Aprii 30 Journal entry worksheet period