Required information Problem 8-2A Record notes payable and notes receivable (L08-2) (The following information applies to the questions displayed below.) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.3 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 8% 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, Problem 8-2A Part 1 Required: 1. Prepare the journal entries on October 1, 2021, to record the issuance of the note. (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.) View transaction list Journal entry worksheet 0 Required information Problem 8-2A Record notes payable and notes receivable (LOB-2) [The following information applies to the questions displayed below) Precision Castparts, a manufacturer of processed engine parts in the automotive and artine industries, borrows $40:3 million cash on October 1, 2021. to provide working capital for anticipated expansion Precision signs a one year, 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-endi Problem 8-2A Part 2 2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and Midwest Bank (Do not round intermediate calculations. If ne 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.) Required information Problem 8-2A Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.3 million cash on October 1, 2021, to provide working capital for anticipated expansion Precision signs a one-year, 8% 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. Problem 8-2A Part 3 3. Prepare the journal entries on September 30, 2022, to record payment of the notes payable at maturity. (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.) View transaction list Journal entry worksheet
