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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.
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 entryStep by Step Solution
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