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31, 2025, Wildhorse Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Wildhorse Co. agreed to accept a $261,600 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Wildhorse is much more creditworthy and has various lines of credit at 6%. (a) Your answer is partially correct. Prepare the journal entry to record the transaction of December 31, 2025, for the Wildhorse Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Date Dec. 31. 2025 Notes Receivable Service Revenue SULL Debit 261600 Credit 45401 BELIDO

31, 2025, Wildhorse Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Wildhorse Co. agreed to accept a $261,600 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Wildhorse is much more creditworthy and has various lines of credit at 6%. (a) Your answer is partially correct. Prepare the journal entry to record the transaction of December 31, 2025, for the Wildhorse Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Date Dec. 31. 2025 Notes Receivable Service Revenue SULL Debit 261600 Credit 45401 BELIDO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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31, 2025, Wildhorse Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Wildhorse Co. agreed to accept a $261,600 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Wildhorse is much more creditworthy and has various lines of credit at 6%. (a) Your answer is partially correct. Prepare the journal entry to record the transaction of December 31, 2025, for the Wildhorse Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Date Dec. 31. 2025 Notes Receivable Service Revenue DIAN Debit 261600 Credit 45401 DELIDO
Transcribed Image Text:31, 2025, Wildhorse Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Wildhorse Co. agreed to accept a $261,600 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Wildhorse is much more creditworthy and has various lines of credit at 6%. (a) Your answer is partially correct. Prepare the journal entry to record the transaction of December 31, 2025, for the Wildhorse Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Date Dec. 31. 2025 Notes Receivable Service Revenue DIAN Debit 261600 Credit 45401 DELIDO
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