Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41.0 million cash on October 1, 2012, to provide working capital for anticipated expansion. Precision signs a one-year, 12% 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.

7)Required: 1-a. Prepare the journal entries on October 1, 2012, to record the notes payable for Precision Castparts. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.)

Date General Journal Debit Credit

Oct. 1

1-b. Prepare the journal entries on October 1, 2012, to record the notes receivable for Midwest Bank. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.)

Date General Journal Debit Credit Oct. 1

8) 2-a. Record the adjustments on December 31, 2012, for Precision Castparts. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.)

Date General Journal Debit Credit Dec. 31

2-b. Record the adjustments on December 31, 2012, for Midwest Bank. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.)

Date General Journal Debit Credit Dec. 31

9) 3-a. Prepare the journal entries on September 30, 2013, to record payment of the notes payable for Precision Castparts. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.)

Date General Journal Debit Credit Sep. 30

3-b. Prepare the journal entries on September 30, 2013, to record payment of the notes receivable for Midwest Bank. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.)

Date General Journal Debit Credit Sep. 30