[Solved] YenorCo.owesSpendloveLtd.$115,000onanotep

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Posted on Jun 28, 2024

YenorCo.owesSpendloveLtd.$115,000onanotepayable,plus$7,500interest.Spendlove agreestoacceptlandin fullsettlement.ThelandisrecordedonthebooksofYenorat$55,600andis currentlyworth$85,000. Required: PreparethejournalentriestorecordthedebtsettlementonthebooksofYenor

YenorCo.owesSpendloveLtd.$115,000onanotepayable,plus$7,500interest.Spendlove

agreestoacceptlandin fullsettlement.ThelandisrecordedonthebooksofYenorat$55,600andis

currentlyworth$85,000.

Required: PreparethejournalentriestorecordthedebtsettlementonthebooksofYenor

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