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 $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. Problem 8-2A Part 3 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.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Problem 8-2A Record notes payable and notes receivable (LO8-2) [The following information applies to the questions displayed below.] ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
During October, Crane Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $146.00 issued to the petty cash custodian. Oct.
Answers (1)
A company's beginning work in process inventory consisted of 20,000 units that were one-fifth complete with respect to direct labor. These beginning units were completed and another 90,000 units were started during the current period.
Answers (1)
higher interest reates are better for cYour bank account pays an interest rate of 8 percent. You are considering buying a share of stock in XYZ Corporation for $110. After 1, 2, and 3 years, it will pay a dividend of $5.
Answers (1)
What is the most profound way in which e-commerce and the Internet have changed the relationship between companies and their customers?
Answers (1)
On a bank's t-account, which are part of the bank's assets? a. both deposits made by its customers and reserves b. deposits made by its customers but not reserves c. reserves but not deposits made by its customers d.
Answers (1)
New Questions in Business
Transfer payments are not included in gdp calculation because these are
Answers (1)
In which year were tobacco commercials banned from network television in the united states?
No Answers
Maggie's manager notices that she exhibits an external locus of control when she speaks about her work. Her manager should Group of answer choices a. direct Maggie toward a job with more autonomy. b.
Answers (1)
Consider this argument: "The kidnappers have taken eight people hostage and are holding them at a farmhouse just outside town. If the SWAT team assaults the farmhouse, the hostages could be killed.
Answers (1)
Rent seeking is an attempt to A. use the government for individual benefit at the expense of others. Regulatory capture is an example of this, where a regulatory agency makes decisions benefiting the firm being regulated. B.
Answers (1)