Reference no: EM132479029
Point : The accounting records of Timberline Lodge are maintained on the basis of a fiscal year ending April 30. The facts listed below are to be used for making adjusting entries at April 30, 2018.
Required:
Question 1: Prepare the adjusting entries needed by Timberline Lodge on April 30, 2018.
(a) A bank loan in the amount of $200,000 was obtained on April 1, 2018, by issuing a 15% note payable due in three months. No interest has been paid or recorded.
(b) A portion of the land owned by Timberline had been leased on April 16, 2018, to a service state operator at a yearly rental of $12,000. One year's rent was collected in advance at the date of the lease and credited to Unearned Rental Revenue. The lease runs from April 16, 2018 through April 15, 2019.
(c) A bus to carry guests to and from the airport had been rented beginning early on April 19 from Truck Rentals, Inc., at a daily rate of $60. No rental payment has yet been made although the bus has been used for 12 days in April.
(d) A one-year fire insurance policy was purchased by Timberline on April 1, 2018. The premium of $18,000 for the life of the policy was paid in full on April 1 and recorded as Unexpired Insurance. No entry has yet been made for the one-month period of coverage that has expired.
(e) Equipment was acquired some years ago at a cost of $36,000. Depreciation for the year ending April 30, 2018, is based on an assumed useful life of 6 years.
Check figures (key amounts):
(a) $2,500
(b) $500
(c) $720
(d) $1,500
(e) $6,000
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