Pearl City Ltd. sells merchandise on April 1, 2020, to Red River Enterprises in return for a 12-month, 7%,$13,200 note, with interest due at maturity. The company uses a perpetual inventory system and the cost of the inventory sold was $7,920. Pearl City has a December 31 year end and adjusts its accounts annually. Prepare the journal entries that Pearl City will record with regard to this note from April 1, 2020, until the note matures on March 31, 2021. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.)