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Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $19 million cash on November 1, 2021. Eskimo Joe's signs
Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $19 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. Problem 8-2B Part 3 3. Prepare the journal entry on April 30, 2022, to record payment of the notes payable at maturity. (Do not round intermediate calculations. 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.) Journal entry worksheet Record the repayment of the note at maturity for Eskimo Joe's. Note: Enter debits before credits. Debit Credit Date General Journal April 30, 2022 Notes Payable Interest Payable Interest Expense Cash Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the receipt of cash at maturity for Stillwater National Bank. Note: Enter debits before credits. Date General Journal Debit Credit April 30, 2022 Record entry Clear entry View general journal
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