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On March 1, 2021, Blue Spruce Corp accepted a 3-month, $ 250 note in exchange for services rendered. The note bears interest at a rate
On March 1, 2021, Blue Spruce Corp accepted a 3-month, $ 250 note in exchange for services rendered. The note bears interest at a rate of 8%. Prepare the journal entry required on June 1, 2021, when the note is paid. Assume a December 31 year-end and no accruals have been recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
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