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During 2020 Aldo Company entered into the following transactions related to current liabilities. Date Oct 1 Transaction description Borrowed $500 from Lambda Co. by signing
During 2020 Aldo Company entered into the following transactions related to current liabilities. Date Oct 1 Transaction description Borrowed $500 from Lambda Co. by signing a 12-month, 1296 note. Received an advance payment of $600 from Customer A for a service to be performed in four months. 1/2 of the service for Customer A was performed. Dec 31 Prepared adjusting entry to record interest for note issued to Lambda Co. Nov 1 Dec 31 Required: Prepare the journal entries for the above transactions DATE ACCOUNT TITLES DEBIT CREDIT Oct. 1 $ $ DATE ACCOUNT TITLES DEBIT CREDIT Nov. 1 DATE ACCOUNT TITLES DEBIT CREDIT Dec. 31 DATE ACCOUNT TITLES DEBIT CREDIT Dec. 31 S $
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