Prepare the journal entries for the payment of the notes

Reference no: EM132218639

Question - The following are selected 2017 transactions of Flint Corporation, which has a calendar year end.

Sept. 1 Purchased inventory from Orion Company on account for $59,900. Flint uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts.

Oct. 1 Issued a $59,900, 12-month, 8% note to Orion in payment of Flint's account.

Oct. 1 Borrowed $79,800 from the bank by signing a 12-month, non-interest-bearing $80,700 note.

Required -

Prepare the journal entries for the payment of the notes at maturity.

Prepare the journal entries for the payment of the notes at maturity, assuming the company uses reversing entries.

Reference no: EM132218639

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