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Exercise 7-14 On December 31, 2015, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke v $200,000 zero-interest-bearing note due December 31, 2017,

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Exercise 7-14 On December 31, 2015, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke v $200,000 zero-interest-bearing note due December 31, 2017, as payment in full. Hayduke is somewhat of a cred 10% . Abbey is much more creditworthy and has various lines of credit at 6% Prepare the journal entry to record the transaction of December 31, 2015, for the Ed Abbey Co. (Round pres No. Date Account Titles and Explanation Debit Credit Dec. 31, 2016 Notes Receivable $200,000 Discount on notes receivable $34,711 service revune $165,289 Assuming Ed Abbey Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2016. (F No. Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Discount on Notes Receivable $16,529 Interest Revenue $16,529 Assuming Ed Abbey Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2017. (/ No. Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Discount on Notes Receivable $18,182 Interest Revenue $18,182 (To record interest revenue) Cash $200,000 Notes Receivable $200 000

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