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Journalize the following transactions for the Scott Company:
November 4 Received a $6,500, 90-day, 6% note from Michael Tim's in payment of his account. December 31 Accrued interest on the Tim's note.
February 2 Received the amount due from Tim's on his note.
Special Interest Effect
The impact of interest groups or individual stakeholders in influencing government policy to benefit a small, specific group at the expense of the general public.
Large Group
A sizable collection of individuals or entities that share a common characteristic or are engaged in a common activity.
Smaller Group
A subset of a larger population or collection, typically characterized by fewer members or lesser size.
Parity Ratio
A metric often used in agriculture and economics to compare the relative value of one commodity or currency to another, based on a standard or base period.
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