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 $40.6 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. 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 dollors, not in millions. For example, $5.5 million should be entered os 5,500,000.) View transaction list Journal entry worksheet Record the issuance of the note by Precision Castparts, Note: Enter debite before credits. 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 $40.6 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. 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.) Viow transaction list Journal entry worksheet 2. Record the adjusting entry for interest for Precision Castparts. Note Enter debits before credits Date General Journal Debit Credit Prev 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 $40.6 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. 3. Prepare the journal entries on September 30, 2022, to record payment of the notes payable at maturity. (Do not round intermediate calculotions. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your onswers in dollors, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet 2 Record the repayment of the note at maturity for Precision Castparts. Note: Enter debits before oredits Date General Journal Dobit Credit
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 $40.6 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. 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 dollors, not in millions. For example, $5.5 million should be entered os 5,500,000.) View transaction list Journal entry worksheet Record the issuance of the note by Precision Castparts, Note: Enter debite before credits. 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 $40.6 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. 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.) Viow transaction list Journal entry worksheet 2. Record the adjusting entry for interest for Precision Castparts. Note Enter debits before credits Date General Journal Debit Credit Prev 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 $40.6 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. 3. Prepare the journal entries on September 30, 2022, to record payment of the notes payable at maturity. (Do not round intermediate calculotions. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your onswers in dollors, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet 2 Record the repayment of the note at maturity for Precision Castparts. Note: Enter debits before oredits Date General Journal Dobit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education