Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows...
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Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.3 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 7% 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 Journal entry worksheet Record the repayment of the note at maturity for Precision Castparts. Note: Enter debits before credits General Journal Debit Credit Date September 30, 2022
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