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Calculate the age of the fencing in months

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Reference no: EM132035063

Question - The King Street Zoo operates a drive-through tourist attraction in Toronto. 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 $12,000

Fencing 40,000

Accumulated Depreciation-Fencing 6,000

Unearned Revenue 500

Other data:

1. Four months rent had been prepaid on April 1.

2. The fencing is being depreciated at $7,200 per year.

3. The unearned revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty-five of the tickets were used by customers.

Instructions

(a) Calculate the following:

Monthly rent expense.

The age of the fencing in months.

The number of tickets sold on April 1.

(b) Prepare the adjusting entries that were made by the Queen Street Zoo on April 30.

Reference no: EM132035063

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