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North Face is one of the world's most popular outdoor apparel companies. Assume that North...

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Accounting

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North Face is one of the world's most popular outdoor apparel companies. Assume that North Face borrows $27 million from U.S. Bank and signs a note promising to pay back the $2.7 million in eight months, at which time North Face also will pay any accrued interest. The interest rate on the note is 9 percent. Required: 1. Prepare the journal entry North Face will record when it signs the note and receives the cash. 2. Prepare the journal entry that North Face will record when it pays off the note and any accrued interest after eight months. (For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).)

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