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E10-2 (Algo) Recording Notes Payable through the Time to Maturity [LO 10-2] Many businesses borrow money during periods of increased business activity to finance inventory and accounts recelvable. For example, Mitt Corporation builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt Corporation sales are on credit. As a result, Mitt Corporation often collects cash from its sales several months after Christmas. Assume on November 1, 2021, Mitt Corporation borrowed \$8.5 million cash from Metropolitan Bank and signed a promissory note that matures In six months. The interest rate was 900 percent payable at maturity. The accounting perlod ends December 31. Required: 1, 2& 3. Prepare the required journal entries to record the note on November 1, 2021, the adjusting entry required on December 31 2021 (ff any), and interest on the maturity date, April 30, 2022, assuming that interest has not been recorded since December 31, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Journal entry worksheet Record the borrowing of $8,500,000. Note: Enter debits before credits. Journal entry worksheet Record the interest accrued on the note payable as of December 31,2021. Note: Enter debits belore credits. Journal entry worksheet 1 Record the repayment of the note plus interest on the maturity date. Note: Fnter debits beforecredits

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