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Question - Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.9 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.
Required -
1. Prepare the journal entries on October 1, 2021, to record the issuance of the note.
2. Record the adjustments on December 31, 2021, for (a) Precision Castparts and (b) Midwest Bank
3. Prepare the journal entries on September 30, 2022, to record payment of the notes payable at maturity.
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