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.
Definitions:
Increasing Trust
Strengthening the belief and confidence in the reliability, truth, and ability of individuals or systems within an organization.
Empowering Leadership
A leadership approach that focuses on granting employees autonomy, encouraging their input, and providing them with the necessary resources to achieve goals.
Decision Procedures
The processes or methods followed to arrive at a decision, often involving steps such as identifying options, evaluating them, and selecting the best course of action.
Proposing Vision
The act of presenting a future-oriented perspective or direction for an organization or group.
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