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Prepare journal entry to record the transaction of december

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Question - On December 31. 2015, Blue Co. performed environmental consulting services for Hayduke Co. Havduke was short of cash and Blue Co. agreed to accept a $324,900 zero-interest-bearing note due December 31. 2017, as payment in full, Havduke is somewhat of a credit risk and typicallyr borrows funds at a rate of 11%. Blue is much more credit worthy and has various lines of credit at 6%.

Prepare the journal entry to record the transaction of December 31, 2015, for the Blue Co.

Reference no: EM131670856

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