$1$ Problem $8-2$B $($Algo$)$ Record notes payable and notes receivable $($LO$8-2)$

Eskimo Joe's, designer of the world's second best$-$selling T$-$shirt $($just behind Hard Rock Cafe$),$ borrows $$20\mathrm{.}9$ million cash on

$3$ points

Print 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:

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.

Record the adjusting entry on December $31,2024,$ for $($a$)$ Eskimo Joe's and $($b$)$ Stillwater National Bank.

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 $3$

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\mathrm{.}5$ million should be entered as $5,500,000.)$

Journal entry worksheet

$1$

$2$

Record the issuance of the note to Eskimo Joe's.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$November $01,2024,,,],[,,,],[,,,],[,,,]]$