By December $31,2023,$ Sheffield Corp. had performed a significant amount of environmental consulting services for Oriole Ltd$.$ Oriole was short of cash $,$ and Sheffield agreed to accept a $ $250,000,$ non $-$ interest $-$ bearing note due December $31,2025,$ as payment in full $.$ Oriole is a bit of a credit risk and typically borrows funds at a rate of $12\%.$ Sheffield is much more creditworthy and has various lines of credit at $9\%.$ Sheffield reports under IFRS $.$ The tables in this problem are to be used as a reference for this problem $.$ Click here to view the factor table PRESENT VALUE OF $1$ Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.($ a $)$ Prepare the journal entry to record the transaction on December $31,2023,$ for Sheffield $.($ For calculation purposes $,$ use $5$ decimal places as displayed in the factor table provided $.$ 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 O for the amounts $.$ List all debit entries before credit entries $.$ Round answers to decimal places $,$ e$.$g$.8,971.)$ Account Titles and Explanation Debit C

Your answer is partially correct.

Prepare the journal entry to record the transaction on December $31,2023,$ for Sheffield. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided. 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 $0$ for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal places, e$.$g$.58,971.)$

Account Titles and Explanation

Debit

Credit

Notes Receivable

$250000$

Notes Payable

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ usedredit