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 journal entry to record the revenue at the time of sale. (You may disregard the entry for cost of goods sold.)
Definitions:
Real Price
The price of a good or service adjusted for inflation, reflecting its purchasing power over time.
Real Return
Simple (or nominal) return on an asset, less the rate of inflation.
Nominal Return
The rate of return on an investment without adjusting for inflation, representing the raw financial gain or loss.
Inflation Rate
The percentage rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.
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