Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows$40.2 million cash on October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 7% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note ispayable at maturity. Each company has a December 31 year-end.Required:1. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) thenotes receivable for Midwest Bank.2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midwest Bank.3. Prepare the journal entries on September 30, 2025, to record payment of (a) the notes payable for PrecisionCastparts and (b) the notes receivable for Midwest Bank.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes iMidwest Bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieldanswers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.)View transaction listNo12DateOctober 01,2024Required 3October 01,2024View journal entry worksheetCashNotes PayableNotes ReceivableCashGeneral JournalRequired 1Required 2Debit40,200,00040,200,000>Credit40,200,00040,200,000Ⓒ

A journal is a chronological record of the financial transactions of a business. It typically…

Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes Midwest Bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list No 1 2 Date October 01, 2024 October 01, 2024 View journal entry worksheet Cash Notes Payable Notes Receivable Cash General Journal Debit 40,200,000 40,200,000 Credit 40,200,000 40,200,000 ********

Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes Midwest Bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list No 1 2 Date October 01, 2024 October 01, 2024 View journal entry worksheet Cash Notes Payable Notes Receivable Cash General Journal Debit 40,200,000 40,200,000 Credit 40,200,000 40,200,000 ********

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Chapter 5 Exercises i Saved 49 Required information Part 4 of 7 (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit 1 $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) Land Skipped 3,600 15,000 80,000 Accounts Payable Conmon Stock Retained Earnings 7,900 95,000 33,500 eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References…
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The bank statement for Unique Fashion had an ending cash balance of $2,200 on April 30, 2022. On this date the cash balance in their general ledger was $3,678. After comparing the bank statement with the company records, the following information was determined. The bank returned an NSF cheque in the amount of $350 that Unique Fashion deposited on April 20. The NSF service fee was $9. A direct deposit received from a customer on April 29 in payment of their accounts totaling $3,780. This has not yet been recorded by the company. On April 29, the bank deposited $16 for interest earned. The bank withdrew $35 for bank service charges. Deposits in transit on April 30 totalled $4,880. Required Reconcile the ledger and bank statement and create the required journal entries. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation. Cash balance per bank statement Add Outstanding deposit Adjusted bank…
Question 3 You are required to prepare a sales ledger control account from the following for the month of May. The balance of the account is to be taken as the total of accounts receivable as on 31 May. 2019 May 1 Debit balances Totals for May: Sales journal Cash and cheques received from accounts Discounts allowed receivable Debit balances in the sales ledger set off against credit balances in the purchase ledger 31 Credit balances RM 6,420,000 12,800,000 10,370,000 395,000 145,000 50,000 REQUIRED: Indicate whether the balance of accounts payable is right or wrong. Prepare the sales control accounts.
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9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
PLEASE ANSWER NO. 3 (REQUIREMENT NO.3)
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