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On May 1, 2021, Flint Limited accepted a 6-month, $ 1.200 note in exchange for professional services rendered. The note bears 6 interest at a
On May 1, 2021, Flint Limited accepted a 6-month, $ 1.200 note in exchange for professional services rendered. The note bears 6 interest at a rate of 6%. Prepare the journal entry required on November 1, 2021, when the note is paid. Assume a December 31 year-end and no accrual entries recorded. (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 for the amounts.) Account Titles and Explanation Debit Credit
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