Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Account Titles and Explanation 1. 3. 2.
Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Debit Credit No. Account Titles and Explanation 1. 3. 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please see below. I need help with this asap please and thank you.
Transcribed Image Text:Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for
the amounts. Record journal entries in the order presented in the problem.)
Debit
Credit
No. Account Titles and Explanation
1.
3.
2.
Transcribed Image Text:Current Attempt in Progress
The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. 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
$22,320
Buildings
52,080
Accumulated Depreciation-Buildings
6,820
Unearned Ticket Revenue
744
Other data:
1.
Three months' rent had been prepaid on April 1.
2.
The buildings are being depreciated at $7,440 per year.
The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4 each on April 1. During
April, twenty of the tickets were used by customers.
3.
Expert Solution
Step 1
In the question, adjusted trial balance is given which indicates that the preapaid rent of $22,320 is for 2 months because rent for April is already adjusted.
Rent per month = $22,320/2
Rent per month = $11,160
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