On October 1,2012,Allen Jewelry Company Accepted a 4-Month,10% Note for $2,400

question 58

Essay

On October 1,2012,Allen Jewelry Company accepted a 4-month,10% note for $2,400 in settlement of an overdue account receivable.If the company accrues interest at year-end only,please provide the journal entry needed at year-end.
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$$

---

Definitions:

Balanced Scorecard

A strategic planning and management system that organizations use to communicate what they are trying to accomplish and measure progress against these objectives.

Performance Measures

Metrics or indicators used to assess the efficiency, effectiveness, and success of an organization's activities.

Net Operating Income

The profit generated from a company's everyday business operations, calculated by subtracting total operating expenses from total revenue.

Turnover

Refers to the rate at which inventory is sold and replaced or the volume of business conducted within a specific period, often used in analyzing business efficiency.