Reference no: EM132483877
The Dunbar Zoo operates a drive-through tourist attraction in Hamilton. The selected accounts appearing below reflect balances on January 1, 2017.
- Prepaid Rent (expires on Nov 30, 2017): 11,000
- Prepaid Insurance (expires on Sep 30, 2017): 9,000
- Car: 30,000
- Accumulated Amortization - Car: 2,000
- Unearned Ticket Revenue: 15,000
Other Data
Point 1: On December 1, 2017 the Zoo renewed the rent contract for another year for $18,000 to be paid in three installments. The first installment is due on April 1, 2018.
Point 2: 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.
Point 3: 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.
Point 4: A utility bill for $2,000 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.
Point 5: 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
Question 1: 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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