Business, 18.12.2019 05:31 aylin5044

On december 31, 2015, ed abbey co. performed environmental consulting services for hayduke co. hayduke was short of cash, and ed abbey co. agreed to accept a $200,000 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%. ed abbey is much more creditworthy and has various lines of credit at 6%.1.)prepare the journal entry to record the transaction of december 31, 2015, for the ed abbey co.2.)assuming ed abbey co.’s fiscal year-end is december 31, prepare the journal entry for december 31, 2016.3.) assuming ed abbey co.’s fiscal year-end is december 31, prepare the journal entry for december 31, 2017.

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On december 31, 2015, ed abbey co. performed environmental consulting services for hayduke co. haydu...

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