Problem 8-2A (Algo) Record notes payable and notes receivable (LO8-2) Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.2 million cash on October 1, 2024 , to provide working capital for anticipated expansion. Precision signs a one-yeat, 7% promissory note to Midwest 8ank under a prearranged shott-term line of credit interest on the note is payable at maturity. Each company has a December 31 year-end Required: 1. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Micwest Bank. 3. Prepare the journal entries on September 30,2025, to record payment of (o) the notes payable for Precision Castparts and (b) the notes recelvable for Midwest Bank. Complete this question by entering your answers in the tabs below. Prepare the journal entries on october 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for. Midwest banki (Ir no entry is required for a transaction/event, select "No Journal Entry Required" in the firct account field, Enter your answern in dollare, not in millons. For example, 55.5 million thould be enternd as 5,500,000. Journal entry worksheet Record the adjusting entry for interest for Precision Castparts. Note: Enter debits before credits. Journal entry worksheet 1. Record the adjusting entry for interest for Midwest Bank. Note: Enter debits before credits