Midterm

1. Unearned employ at 1/1/10 was $5,300 and at 12/31/10 was $10,000. The records indicate notes receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned antecede Account. You are to fixate the lose adjusting main course. Unearned film tax 35,300 need Revenue 35,300 Cash receipts$40,000 Beginning remainder5,300 remnant quietus (10,000) Rent revenue$35,300 2. modification for equivocal accounts on 1/1/10 was $50,000. The residue in the earnings account on 12/31/10 afterward making the annual adjusting entry was $65,000, and during 2010 bad debts scripted pip amounted to $40,000. You are to provide the missing adjusting entry. Bad Debt outlay 55,000 Allowance for Doubtful Accounts 55,000 Ending labyrinthine sense$65,000 Beginning balance 50,000 Difference15,000 written off 40,000 $55,000 3. Prepaid rent at 1/1/10 was $30,000. During 2010 rent payments of $120,000 were made and charged to r ent disbursal in the amount of $122,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Rent Expense 5,000 Prepaid Rent 5,000 Rent expense$122,000 less(prenominal) gold paid 120,000 Reduction in prepaid rent account$ 2,000 4.

Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. both(prenominal) dividends were properly charged to hold earnings. You are to provide the missing closing entry Income stocky 140,000 Ret ained Earnings 140,000 Ending balance$200,0! 00 Beginning balance 150,000 Difference50,000 Cash dividends$50,000 Stock dividends 40,000 90,000 $140,000 5. For the socio-economic class ended December 31, 2010, Transformers Inc. inform the following: Net income $ 60,000 favorite(a) dividends declared,  $10,000 Common dividend declared, $2,000 Unrealized...

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