Required information

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

$[$The following information applies to the questions displayed below.$]$

Eskimo Joe's, designer of the world's second best$-$selling T$-$shirt $($just behind Hard Rock Cafe$),$ borrows $$20\mathrm{.}5$ million cash

on November $1,2021.$ 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.

Journal entry worksheet

$1$

$2$

Record the adjusting entry for interest for Eskimo Joe's.

Problem $8-2$B Part $2$

Record the adjustments on December $31,2021,$ 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\mathrm{.}5$ million should be entered as $5,500,000.)$

Note: Enter debits before credits.