CH 8-PROBLEMS3eBookPrintMcGrowEskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.9 million cash onNovember 1, 2024. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-termline of credit. Interest on the note is payable at maturity. Each firm 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 forStillwater 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 notesreceivable for Stillwater National Bank.Complete this question by entering your answers in the tabs below.Required 1RequiredView transaction listRecord the adjusting entry on December 31, 2024, for (a) Eskimo Joe's and (b) Stillwater National Bank. (Do not round intermediatecalculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter youranswers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.)1Journal entry worksheetRequired 32Record the adjusting entry for interest for Eskimo Joe's.DateDecember 31,2024Note: Enter debits before credits.General JournalSavedDebitCredit>< Prev3 of 3Next >> OBLEMSEskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.9 million cash onNovember 1, 2024. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-termline of credit. Interest on the note is payable at maturity. Each firm 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 forStillwater 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 notesreceivable for Stillwater National Bank.Complete this question by entering your answers in the tabs below.Required 1Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Eskimo Joe's and (b) the notes receivable forStillwater 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.)View transaction listRequired 2 Required 3Journal entry worksheet<12Record the issuance of the note to Eskimo Joe's.DateNote: Enter debits before credits.SavedGeneral JournalDebitCredit

Journal Entry :— It is an act of recording transaction in books of account when transaction…

3 eBook Print Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.9 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 credit. Interest on the note is payable at maturity. Each firm 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. Complete this question by entering your answers in the tabs below. Saved Required 1 Required Required 3 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.)

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q