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

question 144

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.Please provide the accrual entry needed at December 31,2013.
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Definitions:

FICA Tax

Federal Insurance Contributions Act tax, a payroll tax deducted from employees' wages for Social Security and Medicare benefits.

Employer

An individual or business entity that hires and pays wages or salaries to one or more employees in exchange for their work.

Paychecks

Documents issued by an employer to an employee to pay for services rendered, representing salary or wages.

Withheld FICA Tax

Taxes taken out of an employee's paycheck for Social Security and Medicare.