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Prepaid expenses and unearned revenues

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Accounting for prepaid expenses and unearned revenues. Hawaii-Blue beganbusiness on January 1 of the current year and offers deep-sea fishing trips to tourists.Tourists pay $125 in advance for an all-day outing off the coast of Maui. Thecompany collected monies during January for 210 outings, with 30 of the touristsnot planning to take their trips until early February.Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement wassigned at the beginning of the year, and $72,000 was paid for the rights to use theboat for 2 full years. a. Prepare journal entries to record (1) the collection of monies from tourists and (2)the revenue generated during January. b. Calculate Hawaii-Blue's total obligation to tourists at the end of January. Onwhat financial statement and in which section would this amount appear? c. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2)the subsequent adjustment on January 31. d. On what financial statement would Hawaii-Blue's January boat rental cost appear?

Reference no: EM131178881

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