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Requlred Information Problem 8-2A Record notes payable and notes receivable (LO8-2) [The following information applies to the questions displayed below.) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.4 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. 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/even 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 acceptance of the note by Midwest Bank, Note: Enter debts before credits General Journal Debit Credit Date October 01, 2021 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 2 2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank. (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 1 2 > Record the adjusting entry for interest for Precision Castparts. Note Enter det before credits General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general journal Problem 8-2A Part 3 3. Prepare the joumal 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 fleld. 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 1 2 Record the repayment of the note at maturity for Precision Castparts. Note: Enter debts before credits Date General Journal Debit Credit September 30, 2022 Record entry Clear entry View general journal

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