On December 1, 2018, Parsons Sales Sold Machinery to a Janet's

question 31

Essay

On December 1, 2018, Parsons Sales sold machinery to a Janet's Vegetables for $2,000. Janet could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 12% interest. Parsons accrues interest only at year-end. On September 1, 2019 Parsons collected the whole amount due.
Parsons Sales uses the periodic method for recording inventory transactions. Janet's Vegetables will be using the equipment in the business.
Provide all of the required journal entries for Parson Sales for 2018 and 2019; and, for Janet's Vegetables the 2018 required journal entries, assuming a one-year useful life and $200 estimated residual value for the equipment.
General Journal-Parsons Sales
$$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Accounts } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$ General Journal-Janet's Vegetables
$$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Accounts } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$

Identify the contributions and limitations of postmodern thought in offering new forms of theory and writing.

Discuss the implications of postmodernism on culture and space over time according to Frederic Jameson.

Understand the multifaceted dimensions of globalization (cultural, economic, political, institutional).

Identify different economic theories related to globalization (e.g., neoliberalism, capitalism).

---

Definitions:

Short Run

A period in economics during which at least one input, such as plant size, is fixed and cannot be changed.

Physical Capital

Tangible assets such as buildings, machinery, and equipment used in the production of goods and services.

Variable Cost

Costs that vary directly with the level of production, such as raw materials, labor, and energy used in the manufacturing process.

Long Run

A period in economics during which all factors of production and costs are variable, allowing for the full adjustment to changes.