E$9-4($Static$)$ Recording a Note Payable through Its Time to Maturity with Strategy Discussion LO $9-1,9-3$

Man businesses borrow money during periods of Increased business activity to tinance inventor and accounts receivable.

Nordstrom, Incorporated, is one of America's most prestigious retailers. Each Christmas season, Nordstrom builds up its inventory to meet the needs of Christmas shoppers. A larde portion of these Christmas sales are on credit. As a result. Nordstrom often collects cash from the sales several months after Christmas. Assume that on November $1$ of this vear. Nordstrom borrowed $$4\mathrm{.}8$ million cash from Bank of America to meet short$-$term obligations. Nordstrom signed an interest$-$bearing note and promised to repav the $$4\mathrm{.}8$ million in six months. The annual interest rate was $8$ percent. All interest will accrue and be paid when the note is due in six months Nordstrom's accounting period ends December $31.$

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 $3$C

Note: 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 $1\mathrm{.}0)$