prepare two adjusting entries required on 31 May

Prepare the two adjusting entries required on 31 May Cruise Line, is the third largest cruise operator in the world. Its printing costs for broch iniially recorded as Prepaid Supplies and are later charged to Advertising Cost mailed. Passenger deposits for upcoming cruises are considered unearned revenue and ar as Advance Ticket Sales as cash is received. Deposited amounts are later convet rerde icket Revenue as voyages are completed. a. Where in its financial statements does Genting Hong Kong report Prepaid S Entries EXERCISE 44Hong Kong, together with its jointly controlled entity, Norw t to an nvert a they to Paserige assen in its financial statements does it report Advance Ticket Sales? b. Prepare the adjusting entry necessary when brochures costing S million are mailed. c. In its most recent annual report, Genting Hong Kong reported Advance Ticket Sales ln excess of USSI0 million. Prepare the adjusting entry necessary in the following year as USSs million of this amount is earned Consider the cntire adjusting process at Genting Ho think resuls in the most significant expense reported in the company's income statement? d. ng Kong. Which adjusting entry do you sto EXERCISE 45 T