Question: I need help with this exercise. We have to write the journal entries. 1. Interest receivable at Jan/1/2010 was $1,000. During 2010, cash received from

I need help with this exercise. We have to write the journal entries.I need help with this exercise. We have to write the journal

1. Interest receivable at Jan/1/2010 was $1,000. During 2010, cash received from debtors for interest on outstanding notes receivable amounted to $5,500. The 2010 income statement showed interest revenue in the amount of $4,900. There was no interest receivable balance at year-end. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. 2. Unearned rent at Jan/1/2010 was $5,300 and at Dec/31/2010 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $45,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!