Precision Castparts, a manufacturer of processed engine parts in the automotive and alrline industrles, borrows $39 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 Ine of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end. Required: 1. Prepare the journal entrles on October 1, 2024, to record (a) the notes payable for Precislon Castparts and (b) the notes recelvable for Midwest Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midwest Bank. 3. Prepare the Journal entrles on September 30,2025 , to record payment of (a) the notes payable for Precision Castparts and (b) the notes recelvable for Midwest Bank. Complete this question by entering your answers in the tabs below. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. (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.) Prepare the journal entries on October 1,2024 , to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. (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 issuance of the note by Precision Castparts. Note: Enter debits netore crects Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your enswers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000. Journal entry worksheet Record the adjusting entry on December 31, 2024, 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 adjusting entry for interest for Precision Castparts. Nate: Enter dehits betare rredita, Record the adjusting entry on December 31, 2024, 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 adjusting entry for interest for Midwest Bank. Nnte: Enter dehits befinte oredits. Prepare the journal entries on September 30,2025 , to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for 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, 55.5 million should be entered as 5,500,000,3) Show lessa Journal entry worksheet Record the repayment of the note and payment of interest at maturity for Precision Castparts. Ninte: Enter dehits betare rred ts Prepare the journal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. (Do not round intermed ate 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. Show less 4 Journal entry worksheet Record the receipt of cash at maturity for Midwest Bank. Notes Enter debita netarn credts
