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QUESTION
Accounting for Notes ReceivableHonoured and Dishonoured On November 30, 2018, Tucker Products performed computer programming services for Damascus...
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:
a) interest receivable(DEC 31)
b)interest income(DEC 31)
c)allowance for doubtful debt(APRIL 30)
