Precision Castparts, a manufacturer of processed engine parts in the automotive and artine industries, borrows $40.2 million cash on October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year. 7\% promissory note to Midvest Bank under a prearranged shortterm line of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end. Required: 1. Prepare the joumal entries on October 1, 2024, to record (a) the notes payable for Precision Costparts and (b) the notes receivoble for Midwest Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts anid (b) Midwest Bank 3. Prepare the joumal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the notes recelvoble for Midwest Bonk. 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 Joumal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 milion should be entered as 5,500,000. Journal entry worksheet Record the issuance of the note by Precision Castparts. Wotet Eriter debita befere cradita. Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.2 million cash on October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 7% promissory nore to Midwest Bank under a prearranged short-term line of credit Interest on the note is payable at maturity. Each company has a December 3 y year-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 joumal entries 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.) Journal entry worksheet Record the acceptance of the note by Midwest Bank. Fiote. Enter debits before credits
