Flint Corporation sold goods to Tamarisk, Inc. for $23,000 on November 1. 2020, accepting Tamarisk's $23,000,...

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Flint Corporation sold goods to Tamarisk, Inc. for $23,000 on November 1. 2020, accepting Tamarisk's $23,000, six-month, 9% note. Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the nate and interest (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record joumal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Assume instead that Flint uses reversing entries. Prepare any appropriate reversing entry at January 1.2021. and the May 1 2021 entry for the collection of the note and interest (Credit account titles are automaticolly indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Recond journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Flint Corporation sold goods to Tamarisk, Inc. for $23,000 on November 1. 2020, accepting Tamarisk's $23,000, six-month, 9% note. Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the nate and interest (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record joumal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Assume instead that Flint uses reversing entries. Prepare any appropriate reversing entry at January 1.2021. and the May 1 2021 entry for the collection of the note and interest (Credit account titles are automaticolly indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Recond journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit

Answer rating: 100% (QA)

Date Account Titles and Explanation Debit Credit November 1 No... View the full answer