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7. S. Acompany recorded the $26,000 adjusting entry for accrued interest expenses on monies borrowed by debiting liabilities and crediting revenues $26,000. Net income is S26,000 overstated B. $26,000 understated C. S52,000 understated D. $52.000 overstated E. correctly stated A company recorded the $14,000 adjusting entry for rent that was earned but not yet received by debiting expenses and crediting liabilities $14,000. Net income is A. $14,000 overstated B. $14,000 understated C. $28,000 understated D. $28,000 overstated E correctly stated Use the information below to answer the following: 9. Ex0 1221/XD $ 800 $ 1,700 $ 33,000 Dues receivable $ 300 Dues payable $2,900 Cash received for dues What is accrual basis dues revenue for 20x0? A. $31,800 B $32,500 C. $33,500 D $33,700 E. 534,700 10. Use the information below to answer the following: 1/100 1231230 Uneared interest 52,800 Interest payable $1,400 Accrual basis interest expense What is cash paid for interest for 20X0? A. 569,200 B. 569,800 C. $70,200 D. $70,600 $ 2,000 $ 1,200 $ 70,000 E. $70,800 Use the following information for questions 11-12: BG uses an actual costing system. BG Manufacturing Inc.'s accounting records reflect the following inventories: Dec 31, 20X1 Dec 31, 20X2 Raw materials inventory $100,000 $120,000 Work in process inventory 145,000 130,000 Finished goods inventory 205,000 215,000 During 20X1: BG purchased $750,000 of raw materials and had direct labor costs of $100,000. BG incurred total manufacturing costs of $1,220,000. 11. What were actual overhead costs for BG during 20X1? an Am 2.2 A. $450,000 C. $370,000 B. D. $390,000 $350,000 E. $330,000 12. How much was cost of goods sold for BG during 20X1? A. $1,205,000 C. $1,215,000 B. D. $1,210,000 $1,225,000 E. $1,230,000