Business, 06.04.2021 05:50 amauris77748
On December 31, 2020, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $200,000 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Abbey is much more creditworthy and has various lines of credit at 6%.
Required:
Prepare the journal entry to record the transaction of December 31, 2015
Answers: 1
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On December 31, 2020, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Haydu...
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