On December 1, 2013, Parsons Sales Sold Machinery to a Customer

question 127

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:

Type of Delivery

Refers to the methods or styles in which goods are transported to consumers, or in speaking, the manner a message is conveyed to the audience.

Attire

Clothing or apparel worn by individuals, often reflecting personal style, occasion, or social norms.

Monotone

A continuous, unvarying pitch or tone of voice that can make speech sound dull and unengaging.

Oral Report

A verbal presentation of information or findings typically delivered in front of an audience.