Boston Company completed the below transactions during 2020. The annual accounting period ends on December 31. Complete the journal entries required on the date of the transaction and any other journal entry required within the 2020 accounting period.

a. On Jun 1, 2020, Boston Company paid $8,400 cash for a two-year rent in advance.

b. On Sept 1, 2020, Boston Company gave a one-year loan of$7,400 to one of its suppliers signing a note at 6% interest. Interest and principle is payable at maturity of the note.

c. Boston Company started the year 2020 with supplies worth $450and purchased additional supplies of $550 on Jun 1 with cash. On Dec 31, 2020 $210 of supplies was on hand.

Answer rating: 100% (QA)

Answer Explanation Conclusion The journal entries given above have bee... View the full answer