Midterm

1. Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $10,000. The records indicate bills expediency from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned convey Account. You ar to drum the scatty adjusting entry. Unearned wage gross 35,300 carry Revenue 35,300 immediate payment receipts$40,000 Beginning proportionateness5,300 Ending equilibrate (10,000) Rent revenue$35,300 2. Allowance for questionable reports on 1/1/10 was $50,000. The residue in the allowance broadsheet on 12/31/10 after do the annual adjusting entry was $65,000, and during 2010 bad debts write score amounted to $40,000. You atomic number 18 to provide the missing adjusting entry. Bad Debt expense 55,000 Allowance for in question(p) Accounts 55,000 Ending balance$65,000 Beginning balance 50,000 Difference15,000 Written off 40,000 $55,000 3. Pre pay rent at 1/1/10 was $30,000. During 2010 rent payments of $120,000 were made and aerated to rent expense in the amount of $122,000. You argon to prepare the missing adjusting entry that mustiness have been made, assuming reversing entries are not made. Rent outlay 5,000 Prepaid Rent 5,000 Rent expense$122,000 Less currency paid 120,000 Reduction in prepaid rent account$ 2,000 4.

bear 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 $40,000 was issued. both(prenominal) dividends were properly charged to retained earnings. You are to provide the missing closing entry Income Summary 140,000 Retained Earnings 140,000 Ending balance$! 200,000 Beginning balance 150,000 Difference50,000 Cash dividends$50,000 Stock dividends 40,000 90,000 $140,000 5. For the yr ended December 31, 2010, Transformers Inc. reported the pastime: Net income $ 60,000 favorite(a) dividends declared,  $10,000 Common dividend declared, $2,000 Unrealized...If you want to get a proficient essay, ordinance it on our website: OrderCustomPaper.com

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