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:
Total Assets
The sum of all resources owned by a company, including cash, inventory, property, and equipment, reflected on the balance sheet.
Depreciation
A method of allocating the cost of a tangible asset over its useful life.
Interest Receivable
An accounting term for interest that has been earned but not yet received in cash.
Unearned Service Revenue
Income received by a company for services yet to be performed, treated as a liability until the services are provided.
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