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Prepare the missing adjusting entry

Prepare the missing adjusting entry
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Solution Guide / Answer Key:

ACCOUNTING

Prepare the missing adjusting entry. For each journal entry write Dr for debit and Cr for credit.

A) Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $60,000, all of which was credited to Unearned Rent Account. Prepare the missing adjusting entry.

B) 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). Supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/10 was $5,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $5,000. The 2010 income statement showed interest revenue in the amount of $4,900. Provide the missing adjusting entry that must have been made, assuming reversing entries are not made.

C) Accumulated depreciation-equipment at 1/1/10 was $200,000. At 12/31/10, the balance of the account was $320,000. During 2010, one piece of equipment was sold. The equipment had an original cost of $50,000 and was 1/2 depreciated when sold. Prepare the missing adjusting entry.

D) Allowance for doubtful accounts on 1/1/10 was $40,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000 and during 2010 bad debts written off amounted to $30,000. Provide the missing adjusting entry.

E) Prepaid rent at 1/1/10 was $50,000. During 2010 rent payments of $110,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $135,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made.

F) Retained Earnings at 1/1/10 was $0 and at 12/31/10 was $400,000. During 2010, cash dividend of $50,000 were paid and a stock dividend of $100,000 was issued. Both dividends were properly charged to retained earnings. Provide the missing closing entry.

 

FILE: MS EXCEL

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