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Required: 1. Prepare the journal entry to record the note on November 1. 2. Prepare any adjusting entry required at the end of the annual
Required: 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, April 30. (For all requirements, If no entry is required for a transaction/event, select "No journal entry required" in the first account fie Enter your answers in whole dollars not in millions (l.e., 1,000,000 not 1.0).) Answer is not complete. General Journal No Date Debit Credit 1 November 01 Cash 5,000,000 Note payable 5,000,000 2 December 31 58,333 Interest expense Interest payable 58,333 3 April 30 5,000,000 Note payable Interest expense Interest payable 116,666 58,333
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