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Exercise 7-14 On December 31, 2020, Pronghorn Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Pronghorn Co. agreed to
Exercise 7-14 On December 31, 2020, Pronghorn Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Pronghorn Co. agreed to accept a $337,600 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 11%. Pronghorn is much more creditworthy and has various lines of credit at 5%. and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020 SHOW LIST OF ACCOUNTS Assuming Pronghorn Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2021. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 SHOW LIST OF ACCOUNTS Assuming Pronghorn Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2022 (To record interest revenue) (To record collection of note) Click if you would like to Show Work for this question: Open Show Work
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