PLEASE FIX WHAT IS MARKED RED WITH AN X, MUST BE CORRECT ANSWER
Posted: Tue Jul 05, 2022 11:48 am
PLEASE FIX WHAT IS MARKED RED WITH AN X, MUST BE CORRECTANSWER
No Required: transaction/event, 1. Prepare the journal entries on October 1, 2021, to record the issuance of the note. (If no entry is required for a 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.) 1 Required information [The following information applies to the questions displayed below.] 2 Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.9 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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. Date October 01, 2021 Cash Notes Payable October 01, 2021 Cash Answer is complete but not entirely correct. Notes Receivable Interest Receivable Interest Revenue General Journal X x Debit 40,900,000 818,000 Credit 40,900,000 818,000
No 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.) 1 Required information [The following information applies to the questions displayed below.] 2 Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.9 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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. Date Answer is complete but not entirely correct. General Journal December 31, 202 Interest Expense Interest Payable December 31, 202 Accounts Receivable Accounts Receivable Debit 818,000 44,000,000 Credit 818,000 400,000
No 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.) 1 Required information [The following information applies to the questions displayed below.] 2 Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.9 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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. Date September 30, 202 Interest Expense Interest Payable Notes Payable Cash Answer is not complete. General Journal September 30, 202 Advertising Expense Accounts Receivable Allowance for Uncollectible Accounts ✓ ✓ ✓ x X X Debit 2,454,000 818,000✔ 40,900,000✔ 254 x 2,321 X 3 x Credit 44,172,000✔
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No 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.) 1 Required information [The following information applies to the questions displayed below.] 2 Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.9 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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. Date Answer is complete but not entirely correct. General Journal December 31, 202 Interest Expense Interest Payable December 31, 202 Accounts Receivable Accounts Receivable Debit 818,000 44,000,000 Credit 818,000 400,000
No 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.) 1 Required information [The following information applies to the questions displayed below.] 2 Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.9 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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. Date September 30, 202 Interest Expense Interest Payable Notes Payable Cash Answer is not complete. General Journal September 30, 202 Advertising Expense Accounts Receivable Allowance for Uncollectible Accounts ✓ ✓ ✓ x X X Debit 2,454,000 818,000✔ 40,900,000✔ 254 x 2,321 X 3 x Credit 44,172,000✔