On October 1, 2012, Archer Sales borrows $100,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 9%. Archer properly accrued interest at the end of 2012. Please provide the journal entry made at the end of March, 2013 when Archer settles the note.
Definitions:
State Statutes
Laws established by legislative bodies at the state level in the United States, governing various aspects of daily life and business operations.
Directors
Individuals appointed or elected to oversee the management of a company and make key decisions.
Instrument
A formal legal document that represents a right or interest, such as a check, promissory note, or bond.
Credit
The ability to obtain goods or services before payment, based on the trust that payment will be made in the future.
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