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...
This exercise is comprised of four parts. Part 1 covers automated routines macros in Excel to rearrange and transform data, Part 2 covers Pivot Table: Data Sets Cross-Tabulation and Querying in Excel...
Suppose an investor has exponential utility function $U(x)=$ $-e^{-a x}$ and an initial wealth level of $W$. The investor is faced with an opportunity to invest an amount $w \leq W$ and obtain a...
Portman Industries just paid a dividend of $2.16 per share. Portman expects dividends to grow by 12% over the next year. The next year, the dividend is expected to grow at a constant rate of 2.4% per...
Use integration by substitution to find the indefinite integral in part (a) and to evaluate (to 2 d.p.) the definite integral in part (b). In part (b), you may use the approximation e 2.71828 in the...
Mr. Harish Jain, CEO of Energetic Enterprises has established the firm for the manufacture and marketing of an innovative product. The firm earned a reputation for its product within two years of its...
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...
Implement a hash table with open addressing. When removing an element that is followed by other elements with the same hash code, replace it with the last such element and rehash the remaining...
Consider the following transaction timeline for XYZ Corp. November 12- open order placed for 500 shares November 13- order filled at $25.25 per share January 4-current market price $61.50 per share...
Calculate the total cost for purchasing 100 shares of each of the following funds. Remember to include both sales commission and any transaction costs. a. A load mutual fund that sells for an NAV of...
Some credit card issuers are beginning to assess fees and other charges on convenience users. Ask your friends and peers if they think a convenience credit card user should be charged for the...
You've just learned that Graham Records has purchased the lifetime distribution rights to the music of a new band called the French Fries. Based on this good news you've estimated that Graham Records...
Interview individuals who represent the three stages of the financial life cycle about their credit card usage. How many cards do they have? What kind or class of cards (rebate, premium, affinity,...
In how many ways can four aces be drawn from a deck of cards?
Currently, there are five concepts of food stands, including: hot dogs, soft pretzels, turkey legs, sandwich wraps, and funnel cakes. This approach will double the existing number of food stands...
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...
For this assignment, submit the code (SQL script or document), including structure from the Data Definition Language (DDL) and the Data Manipulation Language (DML). Use these SQL Statements as a...
Data Manipulation Tasks a Insert 20 records into each table for testing purposes. a Delete an entire order by using the unique identifier for that order. o Update the price of a product by using the...
Data manipulation language (DML) provides a number of capabilities that allow you to build custom queries of existing data. What are two capabilities you might use to limit the data you select or...

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