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Prepare the journal entry for December

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Question - On December 31, 2020, Ayayai Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Ayayai Co. agreed to accept a $298,600 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 10%. Ayayai is much more creditworthy and has various lines of credit at 6%.

Required - Assuming Ayayai Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2021.

Reference no: EM132619731

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