roblem 8-2A (Algo) Record notes payable and notes receivable (LO8-2) ecision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.4 million cash on ctober 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank der a prearranged short-term line of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end. quired: Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable Midwest Bank. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midwest Bank. Prepare the journal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the tes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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.) View transaction list Journal entry worksheet 2 Record the issuance of the note by Precision Castparts. Journal entry worksheet < 1 2 Record the acceptance of the note by Note: Enter debits before credits Date October 01, 2024 Record entry Journal entry worksheet 1 2 Gener Clear Record the adjusting entry for interest for Mid
roblem 8-2A (Algo) Record notes payable and notes receivable (LO8-2) ecision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.4 million cash on ctober 1, 2024, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank der a prearranged short-term line of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end. quired: Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable Midwest Bank. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midwest Bank. Prepare the journal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the tes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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.) View transaction list Journal entry worksheet 2 Record the issuance of the note by Precision Castparts. Journal entry worksheet < 1 2 Record the acceptance of the note by Note: Enter debits before credits Date October 01, 2024 Record entry Journal entry worksheet 1 2 Gener Clear Record the adjusting entry for interest for Mid
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter7: Financial Activities
Section: Chapter Questions
Problem 23PC
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