Question: Required information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below.) Eskimo Joe's, designer of the






Required information Problem 8-2B Record notes payable and notes receivable (L08-2) [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 $20.1 million cash orf November 1, 2021. Eskimo Joe's signs a six-month, 7% 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. ences Problem 8-2B Part 1 Required: 1. Prepare the journal entries on November 1, 2021, to record the issuance of the note. (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.) Journai entry worksheet 3 Record the issuance of the note to Eskimo Joe's. OK Note: Enter debits before credits ot General Journal Dobit Credit Date November 01, 2021 onces Record entry Clear entry View general Journal Journai entry worksneet - 1 of 3 Problem 8-2B Part 3 3. Prepare the journal entry on April 30. 2022, to record payment of the notes payable at maturity. (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.) View transaction list Journal entry worksheet 2 1 Record the repayment of the note at maturity for Eskimo Joe's Note Enteropbits before credits Debit Credit Date General Journal Required information
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
