E10-2 Recording a Note Payable through Its Time to Maturity [LO 10-2] Many businesses borrow money during periods of increased business activity to accounts receivable. Target Corporation is one of America's largest general merchandise retailers. Each Christmas, Target builds up its inventory to meet the needs of Christmas Christmas sales are on credit. As a result, Target often collects cash from the sales several months a Christmas. Assume that on November 1, 2013, Target borrowed S6 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 8.0 percent payable at maturity. The accounting period ends December 31. during periods of increased business activity to finance inventory and shoppers. A large portion of Required: 1. Prepare the journal entry to record the note on November 1, 2013. (f no entry is required for a transaction/event, select "No Joumal Entry Required" in the first account field. Enter your answer in dollars.) view general journal Journal Entry Worksheet Record the borrowing of $6,000,000. S.No/Date November 01, 2013 Account Title Debit Credit Enter debits before credits 2. Prepare any adjusting entry required on December 31, 2013 (It no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round