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During 2020 Aldo Company entered into the following transactions related to current liabilities. Date Oct Nov 1 Transaction description Borrowed $500 from Lambda Co, by
During 2020 Aldo Company entered into the following transactions related to current liabilities. Date Oct Nov 1 Transaction description Borrowed $500 from Lambda Co, by signing a 12-month, 12% 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. Prepared adjusting entry to record interest for note issued to Lambda Co. Dec 31 Dec 31 Required: Prepare the journal entries for the above transactions DATE ACCOUNT TITLES DEBIT CREDIT Oct. 1 1 DATE ACCOUNT TITLES DEBIT CREDIT Nov. 1 $ . DATE ACCOUNT TITLES DEBIT CREDIT Dec. 31 . 4 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
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