Business, 06.04.2021 02:20 aliyahgregory

On December 31, 2020, Teal Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Teal Co. agreed to accept a $262,700 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Teal is much more creditworthy and has various lines of credit at 6%. Prepare the journal entry to record the transaction of December 31, 2020, for the Blue Co. Assuming Blue Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2021. Assuming Blue Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2022.

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On December 31, 2020, Teal Co. performed environmental consulting services for Hayduke Co. Hayduke w...

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