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i need help working these numbers. please and thank you :) Required information The following information applies to the questions displayed below) Precision Castparts, a
i need help working these numbers. please and thank you :) 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 $40.3 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 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.) Answer is not complete. No Date General Journal Credit 1 September 30, 20 Interest Expense Interest Payable Notes Payable Cash Dobit 604,5003 806,000 40,300,000 40,300,000 2 September 30, 20 Cash Notes Receivable Interest Recolvable Interest Revenue 40,300,000 806,000 64,480,000
i need help working these numbers. please and thank you :)
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