Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows 40.2 million on October 1, 2021, to provide working capital for anticipated expansion signs a one year 7% promissory note to Midwest Bank under a prearranged short-line of credit. interest on the note is payable at maturity. Each firm has a december 31 year end.

Chec 2 The following information applies to the questions displayed below Part 2013 Precision Castparts, a manufacturer of processed ongine parts in the automotive and airline Industries, borrows $402 million cash on October 1, 2021, to provide working capital for anticipated expansion Precision signs a one-year, 7% 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 8 2. Record the adjustments on December 31, 2021, for (n) Precision Costparts 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) Paint References View transaction list Journal entry worksheet Record the adjusting entry for interest for Midwest Bank Niste Enter debits before credits General Journal Debit Credit Date December 31 2021 Interest Receivable . interest Revenue ME of 7 Next >