Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

revenue Cler) Question Two The Poway Animal Encounters operates a drive through tourist attraction. The company adjusts its accounts at the end of each month.

image text in transcribed
revenue Cler) Question Two The Poway Animal Encounters operates a drive through tourist attraction. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following: Prepaid Rent $18,000 Equipment 30,000 Accumulated Depreciation-Equipment 5,500 Unearned Ticket Revenue 400 Other data: * - 60 Co itoe 19000 1. Three months' rent had been prepaid on April 1. 2. The equipment is being depreciated at $6,000 per year. 3. The unearned ticket revenue represents tickets sold for future visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers. Instructions (a) Calculate the following: 1. Monthly rent expense. 1500 2. The age of the equipment in months. 3. The number of tickets sold on April 1. (b) Prepare the adjusting entries that were made by the Poway Animal Encounters on April 30. = 6000 ca

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

7th Canadian edition

1119368456, 978-1119211587, 1119211581, 978-1119320623, 978-1119368458

More Books

Students also viewed these Accounting questions