Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.2 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.
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, elect "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million
2. Record the acceptance of the note by Stillwater National Bank. Note: Enter debits before credits.