On December 31, 2025 Blossom company performed environmental consulting service for Hindu company was short of cash and blossom company agreed to accept 340,000 zero interest Barry no due December 31, 2027 as payment in full is somewhat of a credit risk and typically borrows funds at a rate of 12% Blossom is much more credit worthy and has various lines of credit at 6%Assuming blossom companies physical year end is December 31, prepared the journal entry for December 31, 2027
On December 31, 2025 Blossom company performed environmental consulting service for Hindu company was short of cash and blossom company agreed to accept 340,000 zero interest Barry no due December 31, 2027 as payment in full is somewhat of a credit risk and typically borrows funds at a rate of 12% Blossom is much more credit worthy and has various lines of credit at 6%Assuming blossom companies physical year end is December 31, prepared the journal entry for December 31, 2027
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:On December 31, 2025 Blossom
company performed
environmental consulting service
for Hindu company was short of
cash and blossom company
agreed to accept 340,000 zero
interest Barry no due December
31, 2027 as payment in full is
somewhat of a credit risk and
typically borrows funds at a rate
of 12% Blossom is much more
credit worthy and has various
lines of credit at 6%Assuming
blossom companies physical
year end is December 31,
prepared the journal entry for
December 31, 2027
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