The Golden Petting Zoo operates a drive-through tourist attraction in Colorado – MGMT 30A Midterm 1 Practice Exam

MGMT 30A Midterm 1 Practice Exam – The Golden Petting Zoo operates a drive-through tourist attraction in Colorado

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                                                            $  18,000

Buildings                                                                       42,000

Accumulated Depreciation—Buildings                     5,500

Unearned Ticket Revenue                                              600

Other data:

  1. Three months’ rent had been prepaid on April 1.
  2. The buildings are being depreciated at $6,000 per year.
  3. The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers.

Instructions:

Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.

Course: MGMT 30A – Principles of Accounting I
Assignment: Midterm 1 Practice Exam
School: University of California, Irvine

  • : 07/02/2017
  • : 3