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Prepare the journal entry to record the transaction

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Question - On December 31, 2020, Novak Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Novak Co. agreed to accept a $324,900 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%. Novak 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 Novak Co.

Reference no: EM132482912

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