On December 1,2013,Parsons Sales sold machinery to a customer for $2,000.The customer could not pay at the time of sale,but agreed to pay 9 months later,and signed a 9-month note at 12% interest.Parsons accrues interest only at year-end.On September 1,Parsons collected the whole amount due.Please provide the journal entry needed to record the settlement of the note.
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Question

On December 1,2013,Parsons Sales sold machinery to a customer for $2,000.The customer could not pay at the time of sale,but agreed to pay 9 months later,and signed a 9-month note at 12% interest.Parsons accrues interest only at year-end.On September 1,Parsons collected the whole amount due.Please provide the journal entry needed to record the settlement of the note.
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Quizplus · Accepted Answer

The Answer of On December 1,2013,Parsons Sales sold machinery to a customer for $2,000.The customer could not pay at the time of sale,but agreed to pay 9 months later,and signed a 9-month note at 12% interest.Parsons accrues interest only at year-end.On September 1,Parsons collected the whole amount due.Please provide the journal entry needed to record the settlement of the note.
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\end{array}$$

On December 1,2013,Parsons Sales Sold Machinery to a Customer for $2,000.The