Tucker Products sold inventory costing $20,000 to Thomas, Inc., in exchange for a five-month, $50,000, 12 percent

Question:

Tucker Products sold inventory costing $20,000 to Thomas, Inc., in exchange for a five-month, $50,000, 12 percent note receivable. Thomas, Inc., paid Tucker the full amount of interest and principal on April 30, 2010.

Required:

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

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

See More Books

Question Posted: Jul 23, 2012 03:02 AM

See More Questions

In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following: 1. Pay 1.73 percent per quarter on any funds actually borrowed. 2. Maintain a 5 percent...
In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following: 1. Pay 1.6 percent per quarter on any funds actually borrowed. 2. Maintain a 5 percent...
In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following: 1. Pay 1.8 percent per quarter on any funds actually borrowed. 2. Maintain a 4 percent...
Busy plc, an all equity-financed firm, has three strategic business units. The polythene division has capital of 8m and is expected to produce returns of 11 per cent for the next five years....
Enter the following column headings across the top of a sheet of paper: Enter the transaction/adjustment letter in the first column and show the effect, if any, of each transaction/adjustment on the...
The Noyce Company was involved in the following transactions: (a) Purchased a patent from another company (b) Developed a design for a new type of machine for use in its production process (c)...
Correlate uncertain variables in a simulation model using Analytic Solver Platform.
In water-resources engineering, the sizing or reservoirs depends on accurate estimates of water flow in the river that is being impounded. For some rivers, long-term historical records of such flow...
Required information [The following information applies to the questions displayed below.) Green Brands, Inc. (GBI) presents its statement of cash flows using the indirect method. The following...
Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Silven produces two models of cell phones with the following expected activity...
On February 1, Anderson, Inc., factors $1,200,000 of accounts receivable. The factor charges a 2 percent fee. Required: Prepare the journal entry to record the factoring of the accounts receivable on...
Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment six...
The Great Recession is over, so things are looking up for many consumers. Still, is frugality the new normal or will many of us revert to the free-spending days before the bubble burst in 2008?
Business meeting simulation: Start with preparing an email and send it to all the participant of the meeting to inform about the meeting topic/ agenda/time of the meeting/ room #. Create a meeting...
Topic #1: Rayleigh-Ritz Method (RRM) Problem 1 a) Find the exact solution for the beam torsion problem shown above. The loading consists of a uniformly distributed torque m and a point torque M...
Assume that a $10,000, five-year, 8% term note, is issued on October 1, 20X3: what is the Journal Entry Cash Note Payable 10,000 10,000 Cash 10,000 Accounts Payable 10,000 Note Payable 10,000 Cash...
How do I get help with combining a final paper over a period of 6 weeks for my Senior Management Seminar course MGMT-495 at American Public University.
Question: Fillmore, Inc. specializes in customized optimization spreadsheet software. The results of the company's operations during the prior year ( 2 0 ?are given in the following table. All...
In a health care facility, it is known that nosocomial infections are rare. Table 8-38 shows the number of admissions between occurrences of nosocomial infections. Construct an appropriate control...
In the simple quantity theory of money, what will lead to an increase in aggregate demand? In monetarism, what will lead to an increase in aggregate demand?
Prove that two tracks selected at random from a disk are separated on average by one third the number of tracks on the disk.
PepsiCos financial statements are presented in Appendix A. Financial statements for The Coca-Cola Company are presented in Appendix B. Instructions (a) Based on the information contained in these...
White gloves Janitorial Service was started 2 years ago by Nancy Kohl. Because business has been exceptionally good, Nancy decided on July 1, 2010, to expand operations by acquiring an additional...
The accounting cycle is important in understanding the accounting process. Instructions Write a memo to your instructor that lists the steps of the accounting cycle in the order they should be...
Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzerias owner has determined that the shop...
Which of the following statement regarding a post-closing trial balance is not true
What are the benefits and potential risks factors for undertaking derivative strategies compared to cash transactions

Tucker Products sold inventory costing $20,000 to Thomas, Inc., in exchange for a five-month, $50,000, 12 percent

Question:

Step by Step Answer:

2009 Nov 30 Notes Receivable 50000 Sales Revenue 50000 Cost ...View the full answer

Cornerstones of Financial and Managerial Accounting

Students also viewed these Accounting questions