Accounting for Notes Receivable

On November 30, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $38,000, 12% note receivable. Thomas paid Tucker the full amount of interest and principal on April 30.

Required:

Prepare the necessary entries for Tucker to record the transactions described above assuming a December 31 year end. If an amount box does not require an entry, leave it blank. Round your final answer to the nearest dollar.

Nov. 30	Interest IncomeInterest ReceivableNotes PayableNotes ReceivableSales Revenue	- Select -	- Select -
	CashInterest IncomeInterest ReceivableNotes ReceivableSales Revenue	- Select -	- Select -
	(Record issuance of the note)
Dec. 31	CashInterest ExpenseInterest IncomeInterest ReceivableSales Revenue	- Select -	- Select -
	CashInterest ExpenseInterest IncomeInterest ReceivableNotes Receivable	- Select -	- Select -
	(Record accrued interest income)
Apr. 30	CashInterest IncomeInterest PayableInterest ReceivableNotes Receivable	- Select -	- Select -
	Accounts ReceivableCashInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
	Accounts PayableInterest ExpenseInterest PayableInterest ReceivableNotes Payable	- Select -	- Select -
	CashInterest ExpenseInterest IncomeNotes PayableSales Revenue	- Select -	- Select -
	(Record collection of note receivable)