Precision castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.1 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. 3. prepare the journal entries on september 30, 2022, to record payment of the notes payable at maturity.
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