On December 1,2013,Parsons Sales Sold Machinery to a Customer for $2,000.The

question 136

Essay

On December 1,2013,Parsons Sales sold machinery to a customer for $2,000.The customer 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,Parsons collected the whole amount due.Please provide the journal entry needed to record the settlement of the note.
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Definitions:

Basic Formula

The fundamental equation or rule that underlies a concept, theory, or operation.

Action Step

A specific, planned measure or movement taken towards achieving a defined goal or objective.

Intervention Contract

A formal agreement between a service provider and client outlining the goals, plans, and expectations of an intervention or therapeutic process.

Lawyer

A professional who practices law, representing clients in legal matters or offering legal advice.