The Golden Petting Zoo Operates a Drive-Through Tourist Attraction in Colorado

question 293

Essay

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: 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:
(a) Calculate the following:
1. Monthly rent expense.
2. The age of the fencing in months.
3. The number of tickets sold on April 1.
(b) Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.

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Definitions:

Mud Statues

This refers to sculptures made from mud or clay, but in economic terms, it's not a recognized key term.

Workers

Individuals engaged in any form of employment or labor, contributing to the production of goods and services.

Loan

A loan is a sum of money provided by one party to another, under the condition of future repayment with interest, used for personal, business, or financial needs.

Average Total Cost

The total cost of production divided by the number of units produced, representing the per-unit production cost.