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On December 1st 2018, in exchange for consulting services, ABC corp received a $100,000 2 year, 10% bond receivable from their customer. Interest is paid
On December 1st 2018, in exchange for consulting services, ABC corp received a $100,000 2 year, 10% bond receivable from their customer.
Interest is paid annually on November 31st. The market rate for a similar bond is 8%.
Provide the journal entries for the transaction on December 1st, 2018.
Provide the adjusting entries for December 31, 2018.
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