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. Required 1 Required 2 Required 3 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. (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.)
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. Required 1 Required 2 Required 3 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. (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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
3 part question -11111111
![49
d
k
nt
Me
araw
Hill
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.
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. (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 list
Required 2 Required 3
Journal entry worksheet
<
1
2
Record the issuance of the note to Eskimo Joe's.
Type here to search
Note: Enter debits before credits.
Date
November 01, 2024
General Journal
Bi
Debit
9
Credit
>
< Prev
3 of 3
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96754444-8db0-4381-98d5-32976fba1a32%2F3ffca3bc-b2e3-4a4c-b038-ee0b76d449cb%2F8ujn8t2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:49
d
k
nt
Me
araw
Hill
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.
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. (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 list
Required 2 Required 3
Journal entry worksheet
<
1
2
Record the issuance of the note to Eskimo Joe's.
Type here to search
Note: Enter debits before credits.
Date
November 01, 2024
General Journal
Bi
Debit
9
Credit
>
< Prev
3 of 3
Next >
![3
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.
04:25:37
pped
Book
Print
Mc
Graw
11'11
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.
Required 1
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.)
Required 2 Required 3
View transaction list
Journal entry worksheet
<
1
2
Record the adjusting entry for interest for Eskimo Joe's.
Note: Enter debits before credits.
Date
December 31,
2024
General Journal
Debit
Credit
< Prev
3 of 3
HH
HAR
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96754444-8db0-4381-98d5-32976fba1a32%2F3ffca3bc-b2e3-4a4c-b038-ee0b76d449cb%2Fdytyu5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3
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.
04:25:37
pped
Book
Print
Mc
Graw
11'11
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.
Required 1
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.)
Required 2 Required 3
View transaction list
Journal entry worksheet
<
1
2
Record the adjusting entry for interest for Eskimo Joe's.
Note: Enter debits before credits.
Date
December 31,
2024
General Journal
Debit
Credit
< Prev
3 of 3
HH
HAR
Next >
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