Required information [The following information applies to the questions displayed below.] Precision Castparts, a manufa

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Required Information The Following Information Applies To The Questions Displayed Below Precision Castparts A Manufa 1 (51.84 KiB) Viewed 9 times

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Required information [The following information applies to the questions displayed below.] Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.4 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest 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 October 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.)
Journal entry worksheet 1 2 Record the issuance of the note by Precision Castparts. Note: Enter debits before credits. Date October 01, 2021 General Journal Debit Credit
Journal entry worksheet 1 2 Record the acceptance of the note by Midwest Bank. Note: Enter debits before credits. Date October 01, 2021 General Journal Debit Credit >
2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank. (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 < 1 2 Record the adjusting entry for interest for Precision Castparts. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit >
2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank. (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 < 1 2 Record the adjusting entry for interest for Midwest Bank. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit >
3. Prepare the journal entries on September 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 1 2 Record the repayment of the note at maturity for Precision Castparts. Note: Enter debits before credits. Date September 30, 2022 General Journal Debit Credit
3. Prepare the journal entries on September 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 < 1 2 Record the receipt of cash at maturity for Midwest Bank. Note: Enter debits before credits. Date September 30, 2022 General Journal Debit Credit