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South Col is one of the world's most popular outdoor apparel companies. Assume that South...

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Accounting

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South Col is one of the world's most popular outdoor apparel companies. Assume that South Col borrows $2.2 milion from Bank of the Midwest and signs a note promising to pay the $2.2 million back in nine months, at which time South Col will also pay any accrued interest. The interest rate on the note is 8%. Required 1. Prepare the journal entry South Col will record when it signs the note and receives the cash. (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.., 1,000,000 not 1.0).) View transaction list Journal entry worksheet Record the nine-month note with an interest rate of 8%. Note: Enter debits before credits Debit Credit General Journal 01 Record entry Clear entry View general journal

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