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

question 114

Essay

On December 1, 2018, Parsons Sales sold machinery to 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. 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 $\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Accounts } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$ General Journal-Janet's Vegetables $\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Accounts } & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$

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Definitions:

Repression

A defense mechanism proposed by Freud, where unpleasant thoughts, feelings, or desires are excluded from consciousness.

Unconscious Factor

Elements of the psyche that influence thoughts and behavior without the individual's conscious awareness.

Life Narrative

An individual's personal story or account of their life experiences, reflecting their identity, values, and beliefs over time.

Stage of Life

A phase in the human lifecycle characterized by unique challenges, motivations, and psychological developments.