The Dunbar Zoo operates a drive-through tourist attraction in Hamilton. The selected accounts appearing below reflect balances on January 1, 2017. ● ● ● . Accumulated Amortization - Car ● Unearned Ticket Revenue ● ● Other Data On December 1, 2017 the Zoo renewed the rent contract for another year for $24,000 to be paid in three installments. The first installment is due on April 1, 2018. On October 1, 2017, the Zoo renewed the insurance policy for six months and paid $6,000. The full amount was recorded as an expense. . Prepaid Rent (expires on Nov 30, 2017) Prepaid Insurance (expires on Sep 30, 2017). Car ● ● 12,000 9,000 30,000 2,000 15,000 The unearned ticket revenue represents tickets sold in advance for future zoo visits. During 2002, additional $12,000 of tickets were sold in advance and were recorded as revenue earned. On December 31, 2017, it was determined that $4,000 of the tickets sold in advance were not used by customers. A utility bill for $2,500 was received on December 31, 2017 for the amount of utility used up during November and December 2017. The bill is due on January 15, 2018. On December 1, 2017, the Zoo signed a contract with the Mifflin Food to supply food for the animals for an amount of $500 per month, effective January 1, 2018. The Zoo paid $4,000 in advance and recorded it as an asset. Required Prepare the adjusting entries that were made by the Dunbar Zoo on December 31, 2017. If no adjusting entry is required, please type "NO ENTRY" in the appropriate space.
The Dunbar Zoo operates a drive-through tourist attraction in Hamilton. The selected accounts appearing below reflect balances on January 1, 2017. ● ● ● . Accumulated Amortization - Car ● Unearned Ticket Revenue ● ● Other Data On December 1, 2017 the Zoo renewed the rent contract for another year for $24,000 to be paid in three installments. The first installment is due on April 1, 2018. On October 1, 2017, the Zoo renewed the insurance policy for six months and paid $6,000. The full amount was recorded as an expense. . Prepaid Rent (expires on Nov 30, 2017) Prepaid Insurance (expires on Sep 30, 2017). Car ● ● 12,000 9,000 30,000 2,000 15,000 The unearned ticket revenue represents tickets sold in advance for future zoo visits. During 2002, additional $12,000 of tickets were sold in advance and were recorded as revenue earned. On December 31, 2017, it was determined that $4,000 of the tickets sold in advance were not used by customers. A utility bill for $2,500 was received on December 31, 2017 for the amount of utility used up during November and December 2017. The bill is due on January 15, 2018. On December 1, 2017, the Zoo signed a contract with the Mifflin Food to supply food for the animals for an amount of $500 per month, effective January 1, 2018. The Zoo paid $4,000 in advance and recorded it as an asset. Required Prepare the adjusting entries that were made by the Dunbar Zoo on December 31, 2017. If no adjusting entry is required, please type "NO ENTRY" in the appropriate space.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...
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Transcribed Image Text:The Dunbar Zoo operates a drive-through tourist attraction in Hamilton. The selected accounts
appearing below reflect balances on January 1, 2017.
●
●
●
● Unearned Ticket Revenue
.
Prepaid Rent (expires on Nov 30, 2017)
Prepaid Insurance (expires on Sep 30, 2017)
Car
●
Accumulated Amortization - Car
●
Other Data
On December 1, 2017 the Zoo renewed the rent contract for another year for $24,000
to be paid in three installments. The first installment is due on April 1, 2018.
On October 1, 2017, the Zoo renewed the insurance policy for six months and paid
$6,000. The full amount was recorded as an expense.
12,000
9,000
30,000
2,000
15,000
The unearned ticket revenue represents tickets sold in advance for future zoo visits.
During 2002, additional $12,000 of tickets were sold in advance and were recorded as
revenue earned. On December 31, 2017, it was determined that $4,000 of the tickets
sold in advance were not used by customers.
A utility bill for $2,500 was received on December 31, 2017 for the amount of utility
used up during November and December 2017. The bill is due on January 15, 2018.
On December 1, 2017, the Zoo signed a contract with the Mifflin Food to supply food for
the animals for an amount of $500 per month, effective January 1, 2018. The Zoo paid
$4,000 in advance and recorded it as an asset.
Required
Prepare the adjusting entries that were made by the Dunbar Zoo on December 31, 2017. If no
adjusting entry is required, please type "NO ENTRY" in the appropriate space.
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