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I am just having trouble finding the numbers for these accounts. They are all from the same problem and I posted them in order. Thank
I am just having trouble finding the numbers for these accounts. They are all from the same problem and I posted them in order. Thank you!
Required information Problem 8-2B Record notes payable and notes receivable (L08-2) [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 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 1 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.) No Answer is complete but not entirely correct. Date General Journal Debit November 01, 202 Cash 41,000,000 X Notes Payable Credit 41,000,000 19,600 X November 01, 202 Notes Receivable Cash 19,600 X Problem 8-2B Part 2 2. Record the adjustments on December 31, 2021, 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.) Answer is complete but not entirely correct. No General Journal Debit Credit Date December 31, 202 Interest Expense Interest Payable 294,000 X 294,000 X 294,000 X December 31, 202 Interest Receivable Interest Revenue 294,000 X 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.) Answer is not complete. No General Journal Debit Credit Date April 30, 2022 Notes Payable Interest Expense Interest Payable Cash 2 April 30, 2022 Cash Interest Receivable Interest Revenue Notes ReceivableStep by Step Solution
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