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Eskimo Joe's, designet of the woridis second best-selling T-shirt (just behind Hard Rock Cafe),
borrows $207 million cash on November 1, 2024 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 poyable ot 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

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Eskimo Joes designet of the woridis second bestselling T.pdf

  • 1. Eskimo Joe's, designet of the woridis second best-selling T-shirt (just behind Hard Rock Cafe), borrows $207 million cash on November 1, 2024 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 poyable ot 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