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:
Formula
A mathematical equation or rule expressed in symbols, often used in scientific, mathematical, or financial calculations.
Variable Overhead Efficiency Variance
The difference between actual variable overhead and the standard cost, reflecting efficiency in using resources that vary with production volume.
July
The seventh month of the year in the Gregorian calendar, often associated with the peak of summer in the Northern Hemisphere.
Variable Overhead Rate Variance
The difference between the actual variable overhead costs and the expected costs based on the standard variable overhead rate.
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