SHORT EXERCISES Exercise 1 (30 points) Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. 1. Unearned rent at 1/1/22 was 5,300 and at 12/31/22 was 8,000. The records indicate cash receipts from rental sources during 2022 amounted to 40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. 2. Allowance for doubtful accounts on 1/1/22 was 50,000. The balance in the allowance account on 12/31/22 after making the annual adjusting entry was 65,000 and during 2022 bad debts written off amounted to 30,000. You are to provide the missing adjusting entry.

SHORT EXERCISES Exercise 1 ( 30 points) Data relating to the balances of various accounts affected by adjusting or closing entries appeat below. (The entries which caused the changes in the balances are not given) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. 1. Unearned rent at 1/1/22 was 5,300 and at 12/31/22 was 8,000. The records indicate cash receipts from rental sources during 2022 amounted to 40,000, all of which was credted to the Unearned Rent Account. You are to prepare the missing adjusting entry 2. Allowance for doubtful accounts on 1/1/22 was 50,000. The balance in the allowance account on 12/31/22 after making the annual adjusting entry was 65,000 and during 2022 bad debts written off amounted to 30,000. You are to provide the missing adjusting entry