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Problem 8 - 2 B ( Algo ) Record notes payable and notes receivable ( LO 8 - 2 ) Eskimo Joe s , designer
Problem B Algo Record notes payable and notes receivable LO Eskimo Joes designer of the worlds second bestselling Tshirt just behind Hard Rock Cafe borrows $ million cash on November Eskimo Joes signs a sixmonth, promissory note to Stillwater National Bank under a prearranged shortterm line of credit. Interest on the note is payable at maturity. Each firm has a December yearend. Required: Prepare the journal entries on November to record a the notes payable for Eskimo Joes and b the notes receivable for Stillwater National Bank. Record the adjusting entry on December for a Eskimo Joes and b Stillwater National Bank. Prepare the journal entries on April to record payment of a the notes payable for Eskimo Joes and b the notes receivable for Stillwater National Bank.
Problem B Algo Record notes payable and notes receivable LO
Eskimo Joes designer of the worlds second bestselling Tshirt just behind Hard Rock Cafe borrows $ million cash on November Eskimo Joes signs a sixmonth, promissory note to Stillwater National Bank under a prearranged shortterm line of credit. Interest on the note is payable at maturity. Each firm has a December yearend.
Required:
Prepare the journal entries on November to record a the notes payable for Eskimo Joes and b the notes receivable for Stillwater National Bank.
Record the adjusting entry on December for a Eskimo Joes and b Stillwater National Bank.
Prepare the journal entries on April to record payment of a the notes payable for Eskimo Joes and b the notes receivable for Stillwater National Bank.
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