E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 North Face is one of...

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E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 North Face is one of the world's most popular outdoor apparel companies. Assume that North Face borrows $3.2 million from U.S. Bank and signs a note promising to pay back the $3.2 million in ten months, at which time North Face also will pay any accrued interest. The interest rate on the note is 6 percent. Required: 1. Prepare the journal entry North Face will record when it signs the note and receives the cash. 2. Prepare the journal entry that North Face will record when it pays off the note and any accrued interest after ten months. (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 1.0).) View transaction list Journal entry worksheet 1 2 Record the ten-month note with an interest rate of 6%. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 Record the payment of the note along with the accrued interest Note: Enter debits before credits. Transaction 02 General Journal Debit Credit View general journal Record entry Clear entry E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 North Face is one of the world's most popular outdoor apparel companies. Assume that North Face borrows $3.2 million from U.S. Bank and signs a note promising to pay back the $3.2 million in ten months, at which time North Face also will pay any accrued interest. The interest rate on the note is 6 percent. Required: 1. Prepare the journal entry North Face will record when it signs the note and receives the cash. 2. Prepare the journal entry that North Face will record when it pays off the note and any accrued interest after ten months. (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 1.0).) View transaction list Journal entry worksheet 1 2 Record the ten-month note with an interest rate of 6%. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 Record the payment of the note along with the accrued interest Note: Enter debits before credits. Transaction 02 General Journal Debit Credit View general journal Record entry Clear entry