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Prepare the missing adjusting entry

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Problem 1: WXB Inc. rented out a building for 2 years to Joto Inc. The rent for the building is $4000 per month. The total rental price for the 2 years is $96,000. Joto Inc. paid the total price $96,000 on 1 Jan. 2018. You are to prepare the missing adjusting entry.

Problem 2: The interest receivable on 1 January 2019 was $2,000. The notes receivable has a balance of $1,000,000 at the beginning of the year. There is no change in notes receivable for the year 2019. The interest rate for the notes receivable is 5% (unpaid by the debtor as of the end of 2019). You are to provide the missing adjusting entry that needs to be made.

 

Reference no: EM132668682

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