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Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $21 million cash on November 1, 2024. Eskimo Joe's signs

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Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $21 million cash on November 1, 2024. Eskimo Joe's signs a six-month, 7\% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end. Required: 1. Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Eskimo Joe's and (b) the notes receivable for Stillwater National Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Eskimo Joe's and (b) Stillwater National Bank. 3. Prepare the journal entries on April 30,2025, to record payment of (a) the notes payable for Eskimo Joe's and (b) the notes receivable for Stillwater National Bank. Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Eskimo Joe's and (b) the r receivable for Stillwater National Bank. (If no entry is required for a transaction/event, select "No Journal Entry the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered 5,500,000. Record the adjusting entry on December 31, 2024, for (a) Eskimo Joe's and (b) Stillwater National Bank. (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.) Prepare the journal entries on April 30, 2025, to record payment of (a) the notes payable for Eskimo Joe's and (b) the notes receivable for Stillwater National Bank. (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.)

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