On October 1, 2017, Flint Corporation, a farm equipment dealer, sold a harvesting machine to Pearl Industries. Instead of a cash payment, Pearl Industries gave Flint a $139,000, two-year, 12% note; 12% is a realistic rate for a note of this type. The note required interest to be paid annually on October 1, beginning October 1, 2018. Flint’s financial statements are prepared on a calendar-year basis.Assuming that no reversing entries are used and that Pearl Industries fulfills all the terms of the note, prepare the necessary journal entries for Flint Corporation for the entire term of the note. (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 0 for the amounts.)Repeat the journal entries under the assumption that Flint Corporation uses reversing entries. (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 0 for the amounts.)
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