Current Attempt in Progress On December 31, 2025, Crane Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Crane Co. agreed to accept a $264,600 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 12%. Crane 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 Crane Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 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.) Date Account Titles and Explanation Dec. 31, 2025 Notes Receivable Service Revenue Discount on Notes Receivable eTextbook and Media Debit 264600 Credit 53648 210952
Current Attempt in Progress On December 31, 2025, Crane Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Crane Co. agreed to accept a $264,600 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 12%. Crane 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 Crane Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 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.) Date Account Titles and Explanation Dec. 31, 2025 Notes Receivable Service Revenue Discount on Notes Receivable eTextbook and Media Debit 264600 Credit 53648 210952
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter7: Financial Activities
Section: Chapter Questions
Problem 7QE
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