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1. Joseph company has satisfied performance obligations entitling it to rent in the amount of $1,000. They currently have an unearned rent liability of $3,000
1. Joseph company has satisfied performance obligations entitling it to rent in the amount of $1,000. They currently have an unearned rent liability of $3,000 in their accounting records. Which of the following adjusting entries should be prepared to reflect the fact that Company has satisfied performance obligations?
a. Debit: Unearned Rent 1.000: Credit: Rent Revenue 1,000
b. Debit: Unearned Rent 500 Credit : Rent Revenue 500
c. Debit: Rent Revenue 1,000 Credit: Unearned Rent: 1,000
d. Debit: Prepaid revenue 1,000 Credit: Rent Revenue 1,000
2. The following account balances are listed on Ant Companies balance sheet:
1. Notes receivable due in 18 months $50,000
2. Accounts receivable $150,000
3. Cash $350,000
4. Inventory $200,000
5. Equipment $200,000
6. Accumulated Depreciation $1,500
What is the total amount of current assets that should be reported on Ant Companies balance sheet? show work
3.Several accounts are listed below:
a. Purchases Returns and Allowances
b. Sales Discounts
C. Wages Expense
d. Allowance for Doubtful Accounts
e. Unearned Rent
f. Income Taxes Payable
g. Dividends
h . Interest Revenue
i. Discount on Bonds Payable
j . Common Stock
k. Additional Paid in Capital-Common Stock
l. Inventory
Required: List the accounts above that would normally have a DEBIT balance .
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