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Required Information [The following information applies to the questions displayed below) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline
Required Information [The following information applies to the questions displayed below) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41 million cash on October 1, 2021, 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 firm has a December 31 year-end. 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 View journal entry worksheet No 1 Date September 30, General Journal 2022 Interest Payable Notes Payable Interest Expense Cash Debit 922,500 Credit 41,000,000 2.767.500 44,690,000
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