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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me to solve this problem
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education