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This is what I have so far Exercise 7-14 On December 3 2015, Culver Co. performed environmental consulting services for Hayduke Co. Hayduke was short
This is what I have so far
Exercise 7-14 On December 3 2015, Culver Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Culver Co. agreed to accept a $298,600 zero-interest-bearing note due December 31, 2017, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Culver is much more creditworthy and has various lines of credit at 6%. Prepare the journal entry to record the transaction of December 3 2015, for the Culver Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to o decimal places, e.g. 5275. 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, 2015 Notes Receivable 298600 Discount on Notes Rece 246778 Service Revenue 51822 SHOW LIST OF ACCOUNTS Assuming Culver Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2016. (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, 2016 Discount on Notes Receiva Interest RevenueStep by Step Solution
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