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Prepare necessary entries for tucker to record transactions

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Question - On November 30, 2018, Tucker Products performed computer programming services for Damascus Inc. in exchange for a five-month, $75,000, 10% note receivable. Damascus Inc. paid Tucker the full amount of interest and principal on April 30, 2019. Tucker has a December 31 year-end.

Required:

Prepare the necessary entries for Tucker to record the transactions described above.

Prepare the journal entry required if the note is dishonoured on April 30, 2019.

Reference no: EM131711942

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