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The following transactions occurred during the year ended December 31, 2018, for Awesome Corporation. 1. On October 1, 2018, Awesome Corporation lent $120,000 to another
The following transactions occurred during the year ended December 31, 2018, for Awesome Corporation. 1. On October 1, 2018, Awesome Corporation lent $120,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $15,000 representing rent for the months of November through April. Prepaid rent was debited. 3. On August 1, 2018, collected $18,000 in advance rent from another company that is renting a portion of Awesome Corporations factory. The $18,000 represents one years rent and the entire amount was credited to rent revenue. 4. Awesome Corporation purchased equipment on September 1, 2018 for $24,000. The
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