Midterm

1. Unearned teardrop at 1/1/10 was $5,300 and at 12/31/10 was $10,000. The records indicate bullion receipts from holdal sources during 2010 amounted to $40,000, each(prenominal) of which was credited to the Unearned have Account. You be to fixate the slip adjusting founding. Unearned film tax revenue 35,300 bout Revenue 35,300 hard hard currency receipts$40,000 Beginning remainder5,300 outcome quietus (10,000) economic rent revenue$35,300 2. modification for equivocal accounts on 1/1/10 was $50,000. The residue in the recompense account on 12/31/10 afterward making the annual adjusting foundation was $65,000, and during 2010 bad debts scripted mop up amounted to $40,000. You are to provide the absentminded adjusting entry. Bad Debt outlay 55,000 Allowance for Doubtful Accounts 55,000 Ending brace$65,000 Beginning proportionateness 50,000 Difference15,000 pen off 40,000 $55,000 3. Prepaid rent at 1/1/10 was $30,000. During 2010 rent payments of $120,000 were do and charged to rent disbursal in the amount of $122,000. You are to prepare the scatty adjusting entry that must have been made, assume reversing entries are not made. Rent Expense 5,000 Prepaid Rent 5,000 Rent expense$122,000 less(prenominal) cash paid 120,000 reducing in prepaid rent account$ 2,000 4.

contain lettuce 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 origination dividend of $40,000 was issued. both(prenominal) dividends were properly charged to maintained earnings. You are to provide the missing closing entry Income Summary 140,000 Retained Earnings 140,000 Ending balance$200,000 Beginning balance 150,000 Difference50,000 exchange dividends$50,000 Stock dividends 40,000 90,000 $140,000 5. For the socio-economic class finish December 31, 2010, Transformers Inc. reported the future(a): Net income $ 60,000 favorite(a) dividends declared,  $10,000 Common dividend declared, $2,000 Unrealized...

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