Required information Problem 8-2B Record notes payable and notesreceivable (LO8-2) Skip to question [The...

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Accounting

Required information Problem 8-2B Record notes payable and notesreceivable (LO8-2) Skip to question [The following informationapplies to the questions displayed below.] Eskimo Joe’s, designerof the world’s second best-selling T-shirt (just behind Hard RockCafe), borrows $21 million cash on November 1, 2021. Eskimo Joe’ssigns a six-month, 7% promissory note to Stillwater National Bankunder a prearranged short-term line of credit. Interest on the noteis payable at maturity. Each firm has a December 31 year-end.
2. Record the adjustments on December 31, 2021,for (a) Eskimo Joe's and (b) Stillwater National Bank
urnal entry worksheet
Record the adjusting entry for interest for Eskimo Joe's.
Note: Enter debits before credits.
Date General Journal Debit Credit
December 31, 2021
Journal entry worksheet
Record the adjusting entry for interest for Stillwater NationalBank.
Note: Enter debits before credits.
Date General Journal Debit Credit
December 31, 2021
3. Prepare the journal entry on April 30, 2022,to record payment of the notes payable at maturity.
Journal entry worksheet
Record the repayment of the note at maturity for EskimoJoe's.
Note: Enter debits before credits.
Date General Journal Debit Credit
April 30, 2022
Journal entry worksheet
Record the receipt of cash at maturity for Stillwater NationalBank.
Note: Enter debits before credits.
Date General Journal Debit Credit
April 30, 2022

Answer & Explanation Solved by verified expert

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Solution Step 1 Information Given Eskimo Joes borrows 21 million cash on November 1 2021 Eskimo Joes signs a sixmonth 7 promissory note to Stillwater National Bank under a prearranged shortterm line of credit Interest on the note is payable at maturity Each See Answer

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In: AccountingRequired information Problem 8-2B Record notes payable and notesreceivable (LO8-2) Skip to question [The following...Required information Problem 8-2B Record notes payable and notesreceivable (LO8-2) Skip to question [The following informationapplies to the questions displayed below.] Eskimo Joe’s, designerof the world’s second best-selling T-shirt (just behind Hard RockCafe), borrows $21 million cash on November 1, 2021. Eskimo Joe’ssigns a six-month, 7% promissory note to Stillwater National Bankunder a prearranged short-term line of credit. Interest on the noteis payable at maturity. Each firm has a December 31 year-end.2. Record the adjustments on December 31, 2021,for (a) Eskimo Joe's and (b) Stillwater National Bankurnal entry worksheetRecord the adjusting entry for interest for Eskimo Joe's.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31, 2021Journal entry worksheetRecord the adjusting entry for interest for Stillwater NationalBank.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31, 20213. Prepare the journal entry on April 30, 2022,to record payment of the notes payable at maturity.Journal entry worksheetRecord the repayment of the note at maturity for EskimoJoe's.Note: Enter debits before credits.DateGeneral JournalDebitCreditApril 30, 2022Journal entry worksheetRecord the receipt of cash at maturity for Stillwater NationalBank.Note: Enter debits before credits.DateGeneral JournalDebitCreditApril 30, 2022