20 1 points eBook E10-2 Recording a Note Payable through Its Time to Maturity [LO10-2] Many...

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20 1 points eBook E10-2 Recording a Note Payable through Its Time to Maturity [LO10-2] Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Hudson's Bay Company (HBC) is Canada's largest department store. Each Christmas, HBC builds up its inventory to meet the needs of Christmas shoppers. A large portion of Christmas sales are on credit. As a result, HBC often collects cash from the sales several months after Christmas. Assume that on November 1, 2020, HBC borrowed $6.9 million cash from Downtown Bank and signed a promissory note that matures in six months. The interest rate was 7.5 percent payable at maturity. The accounting period ends December 31. Required: 1. Prepare the journal entry to record the note on November 1, 2020. (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.) Print References View transaction list Journal entry worksheet < 1 Record the journal entry to record the note on November 1, 2020. Note: Enter debits before credits. Date November 01, 2020 General Journal Debit Credit 2. Prepare any adjusting entry required on December 31, 2020. (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.) View transaction list Journal entry worksheet < 1 Record the adjusting entry required on December 31, 2020. Note: Enter debits before credits. Date December 31, 2020 General Journal Debit Credit 3. Prepare the journal entry to record payment of the note and interest on the maturity date, April 30, 2021, assuming that interest has not been recorded since December 31, 2020. (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.) View transaction list Journal entry worksheet < 1 Record the payment of the note and interest on the maturity date, April 30, 2021, assuming that interest has not been recorded since December 31, 2020. Note: Enter debits before credits. Date April 30, 2021 General Journal Debit Credit > 20 1 points eBook E10-2 Recording a Note Payable through Its Time to Maturity [LO10-2] Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Hudson's Bay Company (HBC) is Canada's largest department store. Each Christmas, HBC builds up its inventory to meet the needs of Christmas shoppers. A large portion of Christmas sales are on credit. As a result, HBC often collects cash from the sales several months after Christmas. Assume that on November 1, 2020, HBC borrowed $6.9 million cash from Downtown Bank and signed a promissory note that matures in six months. The interest rate was 7.5 percent payable at maturity. The accounting period ends December 31. Required: 1. Prepare the journal entry to record the note on November 1, 2020. (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.) Print References View transaction list Journal entry worksheet < 1 Record the journal entry to record the note on November 1, 2020. Note: Enter debits before credits. Date November 01, 2020 General Journal Debit Credit 2. Prepare any adjusting entry required on December 31, 2020. (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.) View transaction list Journal entry worksheet < 1 Record the adjusting entry required on December 31, 2020. Note: Enter debits before credits. Date December 31, 2020 General Journal Debit Credit 3. Prepare the journal entry to record payment of the note and interest on the maturity date, April 30, 2021, assuming that interest has not been recorded since December 31, 2020. (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.) View transaction list Journal entry worksheet < 1 Record the payment of the note and interest on the maturity date, April 30, 2021, assuming that interest has not been recorded since December 31, 2020. Note: Enter debits before credits. Date April 30, 2021 General Journal Debit Credit >