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Part 2&3, please help:) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41 million cash on October 1,
Part 2&3, please help:)
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41 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. 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.) Journal entry worksheet Record the repayment of the note at maturity for Precision Castparts. Note: Enter debits before credits. General Journal Debit Credit Date September 30, 2022 View general journal Record entry Clear entry Record the receipt of cash at maturity for Midwest Bank. Note: Enter debits before credits. General Journal Debit Credit Date September 30, 2022 View general journal Record entry Clear entry Step by Step Solution
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