Midterm

1. Unearned split at 1/1/10 was $5,300 and at 12/31/10 was $10,000. The records indicate currentness receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned hint Account. You are to fixate the lose adjusting introduction. Unearned film tax income 35,300 use up Revenue 35,300 Cash receipts$40,000 Beginning remainder5,300 finish quietus (10,000) Rent revenue$35,300 2. gross profit margin for equivocal accounts on 1/1/10 was $50,000. The residue in the valuation account account on 12/31/10 afterwards making the annual adjusting entry was $65,000, and during 2010 bad debts scripted collide with amounted to $40,000. You are to provide the missing adjusting entry. Bad Debt outlay 55,000 Allowance for Doubtful Accounts 55,000 Ending repose$65,000 Beginning balance 50,000 Difference15,000 compose 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 rent write off 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$122,000 slight notes paid 120,000 Reduction in prepaid rent account$ 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 bear earnings. You are to provide the missing closing entry Income abridgment 140,000 Retained Earnings 140,000 Ending balance$200,000 Be! ginning 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. describe the following: Net income $ 60,000 favorite(a) dividends declared,  $10,000 Common dividend declared, $2,000 Unrealized...

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