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 $$19\mathrm{.}9$ million cash on November $1,2024.$ Eskimo Joe$$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.