E10-1 Determining Financial Statement Effects of Transactions involving Notes Payable (LO 10-2) Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example. Mit builds up its inventory to meet the needs of retalers seling to Christmas shoppers. A large portion of Mit's sales are on credt. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $8.0 milion euth tom Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 9.00 percent payable at maturity. The accounting period ends December 31 Required: Indicate the accounts, amounts, and effects of the dissuance of the note on November to impact of the adjusting entry on December 31, 2018 and the payment of the note and interest on April 30, 2019, on the accounting equation. (Do not round Intermediate calculations. Enter your answers in whole dollars. Enter any decreases to assets, liabilities, or stockholders equity