Precision Castparts, a manufacturer of processed engine parts in the automotve and ailline industries, borrows $40 mition cash on October 1, 2024, to provide working copital for anticipated expansion. Precision signs a one-year, 8\% promissory note to M dwest Bank. under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each compary has a December 31 yeat-end. Required: 1. 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. 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 Precision Casiparts and (b) the notes receivable for Midwest tank. Complete thts auestion by entering your answert in the tabs below. Frepere the journal entnes on October 1, 2024, ta record (e) the notes payable for Frecision Castports and (b) the notes roceivebie for Mudwest bonk. (if no emty is required for it transactionvevent, bolect. "Fo Jeurnal tritry Mequared" in the first account field. triten your Journal entry worksheet