The product development process consists of 6 steps:
1. Idea generation
2. Concept testing
3. Product development
4. Market testing
5. Product launch
6. Evaluation of results
Given these are the steps of the product development process - the phase where a focus group would most likely happen is phase two concept testing.
When they are concept testing the item, they can bring in people and let them try out the concept model and get their viewpoint on it prior to making the actual item and launching it. A focus group will also provide good feedback on the idea and allow time for the company to make changes if necessary.
Answer:
The journal entry at the time when great adventures obtains the $30,000 loan is:
Account Title Debit Credit
Cash 30,000
Notes Payable 30,000
The interest accrued at the end of each month would be:
30,000 * 6% = 1,800/12 = $ 150
Interest entry would be made at the end of each month to record the interest expense.
To raise money in order to help grow the company
1.
(in gambling) an independent party with whom each of those who make a wager deposits the money or counters wagered.
2.
a person with an interest or concern in something, especially a business.