Flint Company borrowed $49,200 on November 1, 2020, by signing a $49,200, 10%, 3-month note. Prepare Flint's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)

The journal entries are as follows:

On November 1, 2020

Cash A/c Dr $49,200

To Notes payable A/c $49,200

(Being the amount is borrowed)

On December 31, 2020

Interest expense A/c Dr $820

To Interest payable A/c $820

(Being the interest expense is recorded)

The computation is shown below:

= $49,200 * 10% * 2 months : 12 months

= $820

On February 1, 2021

Interest expense A/c Dr $410

Interest payable A/c Dr $820

Notes payable A/c Dr $49,200

To Cash A/c $50,430

(Being cash is paid on maturity)

The computation is shown below:

= $49,200 * 10% * 1 months : 12 months

= $410