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Dallas Company completed the below transactions during 2019. The annual accounting period ends on December 31. Complete the journal entries required on the date the
Dallas Company completed the below transactions during 2019. The annual accounting period ends on December 31. Complete the journal entries required on the date the transactions happened and also the adjusting entry at December 31, 2019.
- On Aug 1, 2019, Dallas Company paid $10,000 cash for a two-year rent in advance.
- On September 1, 2019, Dallas Company borrowed $5,000 cash and gave a one-year, 10 %, note payable. The total interest and principle is payable at maturity of the note.
- On November 1, 2019, Dallas company collected $6400 as advance for consultancy services it will provide to Houston Company for the next two years.
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