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Muun applied to mortgage interest expense: $ 14,720 Summary transactions during 20x2: (Note: These transactions occur throughout the year, but are presented as summaries so that only one entry will have to be prepared for each of the summary transactions. Some of these transactions will be recorded at December 31, 20x2.] 1) All accounts payable outstanding at the end of 20x1 were paid in January 20x2. 2) Rental Revenue Information: a) All short-term unearned rental revenue amounts as of 12/31/X1 were earned in the first few months of 20x2. All long-term unearned rental revenue amounts as of 12/31/x1 were earned throughout 20x2. b) Cash received for long-term rental revenues during 20x2 amounted to: $ 262,000 It was determined that the amount of long-term rentals unearned at 12/31/X2 was: $ 28,450 c) Cash received for short-term rental revenues during 20x2 amounted to: $ 82,400 It was determined that the amount of short-term rentals unearned at 12/31/X2 was: $ 3,750 d) Cash received for daily rental revenues during 20x2 amounted to: $ 48,600 3) It was determined that two clients who had arranged for long-term rentals were unable to make a few of their normal monthly payments during 20x2, but both had promised that full payments would be made during January 20x3. The amounts expected are: (The HCC will be recording these amounts as accounts receivable at 12/31/x2.) $ 5,500 4) Total operating expenses (e.g., salaries, utilities, maintenance, advertising, etc.) incurred for the year ended 12/31/x2 were: $ 147,380 paid in cash: amount still owed: $ 128,221 $ 19,159 5) All administrative expenses (e.g., salaries, rent, utilities, etc.) incurred for the year ended 12/31/x2 were: $ 123,500 paid in cash: amount still owed: $ $ 108,680 14,820 2,530 6) Additional community center supplies purchased during the year for cash: community center supplies on hand at year-end: $ $ 3,170 840 7) Additional office supplies purchased during the year for cash: office supplies on hand at year-end: $ $ 1,950 630 -1,320 8) The percentage of estimated uncollectible accounts receivable at the end of December, 20x2 is determined to be: 15% December 31, 20x2: Record "summary transactions for 20x2: a) Record payment of rent for space at local school for 6 months: January - June, 20x2 b) Record all unearned long-term rental revenue at 12/31/x2 as earned: CASH 28,450 Unearned Beanue 28,450 c) Record receipt of long-term rental revenue during 20x2: d) Record receipt of short-term rental revenue during 20x2: e) Record receipt of daily rental revenue during 20x2: f) Record operating expenses during 20x2: 147.38 Summary transactions during 20x2: (continued) g) Record administrative expenses during 20x2: Administrative Expense 123,500 CASH Acts 108,680 167,820 pay h) Record purchase of community center supplies during 20x2: Community Center supplies 3,170 CASH 3,170 Record purchase of office supplies during 20x2: Gifice supplics 1,950 CASH 630

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