Journalize the following transactions for Lucite Company.November 14 Received a $4,800.00, 90-day, 9% note from Alan Albertson in payment of his account.December 31 Accrued interest on the Albertson note.February 12 Received the amount due from Albertson on his note.

Accrued Interest

Interest that has been incurred but not yet paid in cash during a specific time period.

Note

A financial instrument that represents a debt or obligation between two parties, wherein the issuer promises to pay the holder a certain amount of money at a future date.