record the payment of the note and interest on the maturity date

Many businesses borrow money during periods of increased business activity to finance inventory and acc FederalWay, Incorporated, is one of America's most prestigious retailers. Each Christmas season. FederalW, meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, cash from the sales several months after Christmas. Assume that on November 1 of this year. FederalWoy be from Third Fith Bank to meet short-term obligations. FederalWay signed an interest bearing note and promil million in six months. The annual interest rate was 6 percent. All interest will acerue and be paid when the nd FederalWay's accounting period ends December 31. Required: Note: For all requirements, If no entry is required for a transaction/event, select "No journal antry raquired field. Enter your onswers in whole dollars not in millions (i.e., 1,000,000 not 1.0). 1. Plepare 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, April 30 . Journal entry worksheet flecord the payment of the note arvd interest on the maturity date. Many businesses borrow money during periods of increased business activity to finance inventory and acc FederalWay, Incorporated, is one of America's most prestigious retailers. Each Christmas season. FederalW, meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, cash from the sales several months after Christmas. Assume that on November 1 of this year. FederalWoy be from Third Fith Bank to meet short-term obligations. FederalWay signed an interest bearing note and promil million in six months. The annual interest rate was 6 percent. All interest will acerue and be paid when the nd FederalWay's accounting period ends December 31. Required: Note: For all requirements, If no entry is required for a transaction/event, select "No journal antry raquired field. Enter your onswers in whole dollars not in millions (i.e., 1,000,000 not 1.0). 1. Plepare 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, April 30 . Journal entry worksheet flecord the payment of the note arvd interest on the maturity date