Problem 8-2A (Algo) Record notes payable and notes recelvable (LO8-2) Precision Castports, a manufacturer of processed engine parts in the automotive and airline industries, borrows $407 milion cash on Octobet 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short term line of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end Required: 1. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castpants 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 30,2026 , to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivabie 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 Castoarts and (b) the notes receivable for anewersin dollars, not in millsons. For txample, 55.5 million should be entered as 5,500,000. Journal entry worksheet Recard the istuance of the note by Precision Castparti. Problem 8-2A (Algo) Record notes payable and notes recelvable (LO8-2) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $407millioncashon October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each compuny has a December 31 yearend. Required: 1. Prepare the journal entries on October 1.2024, to record (a) the notes payable for Precision Castparts and (b) the notes recelvabie 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 payabie for Precikion Castparts and (b) the notes receivable 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 Preciion Contparts and (b) the notes receivable for Midwest Bank. (If no entry is required for a transactiondevent seloct "No Jourmal Entry Required in the first occount field, 5 inter your answers in dollars, not in millions. For exampln. 55.5 million should be entered as 5.500,000 ) Journal entry worksheet Pecord the acceptance of the note by Midvest Aank: Problem 8-2A (Algo) Record notes payable and notes recelvable (LO8-2) Precision Castparts, a manufacturer of processed engine parts in the automotive and airine industries, borrows $407million cash on October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged shortterm line of credi. Interest on the note is payable at maturity. Each company has a December 3 i 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 receivabie 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 Preciblon Castparss and (b) the notes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midweat Bank (Do not round intormediate. answers in dollark, not in millions. for example, 55.5 million should be enternd as 5,500,000.2 Journal entry worksheet 2 Record the adjusting entry for interest for Precision Castparts. Problem 8-2A (Algo) Record notes payable and notes recelvable (LO8-2) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borroys $40.7milion cash on October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 96 promissory note to Midwest Bank under a prearranged short-term line of credit Interest on the note is payable at maturity. Each company has a December 31 year-end. Requlred: 1. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (D) the notes receivable for Midwest Bank. 2. Record the adjusting entry on December 31, 2024, for (o) Precision Castparts and (b) Midwest Bank. 3. Prepare the journal entries on September 30, 202.5, to record payment of (a) the notes payabie for Precision Castports and (b) the notes recelvable for Midwest Bank. Complete this question by entering your answers in the tabs below. Record the adjusting entyy on December 31, 2024, for (a) Precision Castparts and (b) Mudwest Bank (Do not round interrined iote cakulations. If no entry is mquired for a transaction/event, seiect "No Journal Entry Pequired" in the first account feld, Enter your annuen in dollars. not in millions. For example. 55.5 million should be entered as 5.500 .000 .9 Journal entry worksheet Resord the adjusting entry for interest for Midveat Bank. Problem 8-2A (Algo) Record notes payable and notes recelvable (LO8-2) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries. borrows 5407milion cash on October 1, 2024, to provide working capital for anticipated expansion Precision signs a one-year, 98 promissofy note to Midwest Baph under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each company has a December I year-end. Required: 1. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Custparts and (ip) the notes recelvable for Midwest Bank. 2. Record the adjusting entry on December 31, 2024. for (a) Precision Castparts and (p) Midwest Bank. 3. Prepare the joumal entries on September 30,2025, to record payment of (a) the notes payable for precilon Castparts and (b) the notes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. 5,500,000. Journal entry worksheet 2 Record the repayment of the note and payment ef interest at maturiey for Preciaion Castparts. Problem 8-2A (Algo) Record notes payable and notes recelvable (LO8-2) Precision Castparts, a manufacturer of processed engine parts in the automotive and airine industries, borrows $40.7 milion cash on October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each company has a December 31 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 receivabie 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 payabie for Precision Castparts and (b) the notes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Prepare the journal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castoarta and (b) the notes 5.500,000. Journal entry worksheet Pecord the recest of cash at maturity for Midwest tank