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Homework answers / question archive / 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
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
Note: Enter debits before credits.
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Journal entry worksheet
Note: Enter debits before credits.
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3. Prepare the journal entry on April 30, 2022, to record payment of the notes payable at maturity.
Journal entry worksheet
Note: Enter debits before credits.
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Journal entry worksheet
Note: Enter debits before credits.
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