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If you can provide detailed step by step explanations, I would really appreciate it. I have the answer, but I don't understand how to get
If you can provide detailed step by step explanations, I would really appreciate it. I have the answer, but I don't understand how to get to it. Thank you!
Instructions Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2017. 27. 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. Interest receivable at 1/1/17 was $1,000. During 2017 cash received from debtors for interest on outstanding notes receivable amounted to $5,000. The 2017 income statement showed interest revenue in the amount of $8,400. You are to provide the missing adjusting entry that must have been made. a. b. Unearned rent at 1/1/17 was $5,300 and at 12/31/17 was $8,000. The records indicate cash receipts from rental sources during 2017 amounted to $55,000, all of which was credited to the Unearned Rent Revenue account. You are to prepare the missing adjusting entry. c. Allowance for doubtful accounts on 1/1/17 was $50,000. The balance in the allowance account on 12/31/17 after making the annual adjusting entry was $65,000 and during 2017 bad debts written off amounted to $30,000. You are to provide the missing adjusting entryStep by Step Solution
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