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:
Consolidation
The action or process of combining several components or entities into a single more effective or coherent whole.
Industry Share
The percentage of total sales or total output generated by a company within a specific industry.
Firms
Business organizations or entities engaged in commercial, industrial, or professional activities, aiming to provide goods or services to consumers for profit.
Employee Empowerment
A strategy where employees are given the authority, resources, and opportunity to take initiative and make decisions in their work, leading to increased engagement and productivity.
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