On December Metlock Co performed environmental consulting services for Bonita Co Bonita was short of cash, and
Metlock Co agreed to accept a $ zerointerestbearing note due December as payment in full. Bonita is somewhat of
a credit risk and typically borrows funds at a rate of Metlock is much more creditworthy and has various lines of credit at
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a
Prepare the journal entry to record the transaction of December for Metlock CoRound present value factor calculations
to decimal places, eg and final answers to decimal places, eg Credit account titles are automatically indented
when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the
amounts. List all debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
Notes Receivable
Discount on Notes Receivable
