Journalize the following transactions for Solley Company that occurred during 2011 and 2012.
November 14, 2011 Received a $4,800.00, 90-day, 9% note from Alan Hibbetts in payment of his account.
December 31, 2011 Accrued interest on the Hibbetts note.
February 12, 2012 Received the amount due from Hibbetts on his note.
Definitions:
Need for Power
A psychological drive that affects an individual's behavior in seeking positions or situations where they can exert control or influence over others.
Empower Others
The act of delegating power and responsibilities to subordinates or team members, enabling them to take initiative and make decisions.
Strategic Planning
A systematic process of envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.
Product Innovation
refers to the process of creating and introducing new or significantly improved goods or services to meet customer needs or market demands.
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