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On December 31, 2020, Riverbed Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Riverbed Co. agreed to accept a
On December 31, 2020, Riverbed Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Riverbed Co. agreed to accept a $282.400 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 12%. Riverbed is much more creditworthy and has various lines of credit at 6%. Your answer is partially correct. Prepare the journal entry to record the transaction of December 31, 2020, for the Riverbed Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 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, 2020 Notes Receivable 282400 Discount on Notes Receivable 33888 Service Revenue 248512 e Textbook and Media List of Accounts 8:43 PM ^ J 4/15/2020 F3 - Your answer is partially correct. Assuming Riverbed 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 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 Discount on Notes Receivable 29821 Interest Revenue 29821 e Textbook and Media List of Accounts Your answer is partially correct o e 8:45 PM a $ ^
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