Solution-Prepare necessary entry for tucker to record the

Prepare necessary entry for tucker to record the transaction

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Reference no: EM132461890

Accounting for Notes Receivable-Honoured and Dishonoured

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:

Question 1. Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if those boxes in which no entry is required, leave the box blank. If required, round amounts to the nearest dollar.

2018, Nov. 30

Notes Receivable
Service Revenue
(Record adjusting entry for bad debt expense estimate)2018, Dec. 31
Interest Receivable
Interest Income

(Record accrued interest income)2019, Apr. 30

Cash
Notes Receivable
Interest Receivable
Interest Income

Question 2. Prepare the journal entry required if the note is dishonoured on April 30, 2019. For those boxes in which no entry is required, leave the box blank.

2019, Apr. 30

Allowance for Doubtful Accounts
Notes Receivable
Interest Receivable

Reference no: EM132461890

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Prepare necessary entry for tucker to record the transaction

Reference no: EM132461890

Reference no: EM132461890

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