Problem 8-2B (Algo) Record notes payable and notes receivable (LO8-2) Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows. $20.8 million cash on November 1, 2024. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of crecit, Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: 1. Prepare the joumal entries on November 1. 2024, to record (a) the notes payable for Eskimo Joe's and (D) the notes recelvable 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 joumal entries on April 30, 2025, to record payment of (a) the notes payable for Eskimo Joe's and (b) the notes recelvable for Stillwater National Bank. 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 Joumal 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 2 Fecord the adjusting entry for interest for Eskimo Joe's. 1.04p: Linter detativ before crecits. Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Eskimo Joe's and (b) the notes receiv Stillwater National Bank. (If no entry is required for a transaction/event, select No Journal Entry Required" in the first acco Enter your answers in dollars, not in millions. For example, $5.5 milion should be entered as 5,500,000.) Journal entry worksheet Record the acceptance of the note by Stillwater National Bank. Note . Triter dectoto bestore credits. Prepare the joumal entries on November 1,2024 , to record (a) the notes payable for Eskimo Joe's and (b) the notes receivable for Stillwater National Bank. (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 issuance of the note to Eskimo Joe's. Notes tinter debits bellore crovity. Record the adjusting entry on December 31,2024 , for (a) Eskimo Joe's and (b) Stillwater National Bank. (Do not round inter calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter answers in doilars, not in millions. For example, $5.5 million should be entered as 5,500,000. Journal entry worksheet Record the adjusting entry for interest for Stillwater National Bank. Nate: Entes debits befoet credits. Prepare the journal entries on April 30,2025 , to record payment of (a) the notes payable for Eskimo Joe's and (b) the Jootes recelvable for Stillwater National Bank. (Do not round intermediate calculations. If no entry is required for a transaction/event, select. "No Joumal Entry. Required" in the first account field. Enter your answers in dollars, not in militions. For example, $5.5 million should be entered as 5,500,0001) Journal entry worksheet Record the repayment of the note at maturity for Eskimo Joe's. Notes I fitor detuits before credite, 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 Joumal 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 receipt of cash at maturity for Stillwater National Bank. Note tret debits before credite
