Flint Corporation borrowed $94,000 on November 1, 2025, by signing a $96,115, 3-month, zero-interest-bearing note. Prepare Flint's November 1, 2025, entry, the December 31, 2025, annual adjusting entry, and the February 1, 2026, entry. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries)

Flint Corporation borrowed $94,000 on November 1, 2025, by signing a $96,115, 3-month, zero-interest-bearing note. Prepare Flint's November 1, 2025, entry, the December 31, 2025, annual adjusting entry, and the February 1, 2026, entry. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 31E

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