Prepaid rentUnexpired insuranceFerryAccumulated depreciation: ferryUnearned passenger revenueOther DataDebitCredit$ 21,6004,560112,320$20,2801,2001. The ferry is being depreciated over a 12-year estimated useful life.2. The unearned passenger revenue represents tickets good for future rides sold to a resort hotel for $6per ticket on April 1. During April, 150 of the tickets were used.3. Six months' rent had been prepaid on April 1.4. The unexpired insurance is a 12-month fire insurance policy purchased on March 1.Instructionsa. Determine the following.1. The age of the ferry in months.2. How many $6 tickets for future rides were sold to the resort hotel on April 1.3. The monthly rent expense.4. The original cost of the 12-month fire insurance policy.b. Prepare the adjusting entries that were made on April 30.

a. Determine the following:1. The age of the ferry in months: The accumulated depreciation of the…

Answered: Prepaid rent Unexpired insurance Ferry…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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