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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 typically borrows funds at a rate of 11%. Blue is much more credit worthy and has various lines of credit at 6%.

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

(b) Assuming Blue Co's fiscal year-end is December 31, prepare the journal entry for December 31, 2016.

Reference no: EM131671959

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