Eskimo Joes, designer of the worlds second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.2 million cash on November 1, 2021. Eskimo Joes signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end.

Required:

1. Prepare the journal entries on November 1, 2021, to record the issuance of the note.

1.a. Record the issuance of the note to Eskimo Joe's.

2.a Record the acceptance of the note by Stillwater National Bank

! Required information (The following information applies to the questions displayed below.) Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.2 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: 1. Prepare the journal entries on November 1, 2021, to record the issuance of the note. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet