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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 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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