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Required information Problem 8-2B Record notes payable and notes receivable (LO8-2) Skip to question [The following information applies to the questions displayed below

Accounting

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Required information Problem 8-2B Record notes payable and notes receivable (LO8-2) Skip to question [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 $21 million cash on 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.

2. Record the adjustments on December 31, 2021, for (a) Eskimo Joe's and (b) Stillwater National Bank

urnal entry worksheet

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

Note: Enter debits before credits.

	Date General Journal Debit Credit December 31, 2021

Journal entry worksheet

• Record the adjusting entry for interest for Stillwater National Bank.

Note: Enter debits before credits.

	Date General Journal Debit Credit December 31, 2021

3. Prepare the journal entry on April 30, 2022, to record payment of the notes payable at maturity.

Journal entry worksheet

• Record the repayment of the note at maturity for Eskimo Joe's.

Note: Enter debits before credits.

	Date General Journal Debit Credit April 30, 2022

Journal entry worksheet

• Record the receipt of cash at maturity for Stillwater National Bank.

Note: Enter debits before credits.

	Date General Journal Debit Credit April 30, 2022