Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41 million
Question:
Required:
1. Prepare the journal entries on October 1, 2015, to record
(a) The notes payable for Precision Castparts
(b) The notes receivable for Midwest Bank.
2. Record the adjustments on December 31, 2015, for
(a) Precision Castparts
(b) Midwest Bank.
3. Prepare the journal entries on September 30, 2016, to record payment of
(a) The notes payable for Precision Castparts
(b) The notes receivable for Midwest Bank.
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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