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Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? Due No Due Date Points 30 Submitting an external tool Full Screen Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? ACCESSIDIity How Marcus Roberts quit his job several years ago as an investment banker and bought a farm. Since he loves animals, he decided to start a side business at the farm called, Marcus' Petting Zoo. Marcus' accountant for the petting zoo adjusts its accounts at the end of each month. One year's insurance was paid on June 1. Fencing for the zoo is being depreciated over a four-year life with no estimated residual value at the end of four years. Marcus sells tickets to the local schools in August for their September and October field trips and this unearned ticket revenue is for 300 tickets at $12 each. At the end of September, the adjusted balances of these selected accounts are: Prepaid insurance, $5,000; Fencing, $20,000; Accumulated Depreciation of Fencing, $15,000; Unearned ticket revenue, $1,320. tickets have been used by September 30? Marcus' Accountant will credit Ticket Revenue for how much at the end of September? What was the total amount of the insurance policy paid on June 1? Attempts 1 How many years old is the fencing? How many tickets have not been used? What is the monthly insurance expense for Marcus' Petting Zoo? Allowed Attempts 2 :: 2 years :: $350 :: 200 tickets :: $625 :: $7,500 :: $1,320 :: $1,800 190 tickets $2,280 3 years 110 tickets :: 100 tickets :: 1 year Check Answer Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 301 15

Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? Due No Due Date Points 30 Submitting an external tool Full Screen Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? ACCESSIDIity How Marcus Roberts quit his job several years ago as an investment banker and bought a farm. Since he loves animals, he decided to start a side business at the farm called, Marcus' Petting Zoo. Marcus' accountant for the petting zoo adjusts its accounts at the end of each month. One year's insurance was paid on June 1. Fencing for the zoo is being depreciated over a four-year life with no estimated residual value at the end of four years. Marcus sells tickets to the local schools in August for their September and October field trips and this unearned ticket revenue is for 300 tickets at $12 each. At the end of September, the adjusted balances of these selected accounts are: Prepaid insurance, $5,000; Fencing, $20,000; Accumulated Depreciation of Fencing, $15,000; Unearned ticket revenue, $1,320. tickets have been used by September 30? Marcus' Accountant will credit Ticket Revenue for how much at the end of September? What was the total amount of the insurance policy paid on June 1? Attempts 1 How many years old is the fencing? How many tickets have not been used? What is the monthly insurance expense for Marcus' Petting Zoo? Allowed Attempts 2 :: 2 years :: $350 :: 200 tickets :: $625 :: $7,500 :: $1,320 :: $1,800 190 tickets $2,280 3 years 110 tickets :: 100 tickets :: 1 year Check Answer Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 301 15

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter5: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 1MYW: Delia Alvarez, owner of Delias Lawn Service, wants to borrow money to buy new lawn equipment. A...
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Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? Due No Due Date Points 30 Submitting an external tool Full Screen Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? ACCESSIDIity How Marcus Roberts quit his job several years ago as an investment banker and bought a farm. Since he loves animals, he decided to start a side business at the farm called, Marcus' Petting Zoo. Marcus' accountant for the petting zoo adjusts its accounts at the end of each month. One year's insurance was paid on June 1. Fencing for the zoo is being depreciated over a four-year life with no estimated residual value at the end of four years. Marcus sells tickets to the local schools in August for their September and October field trips and this unearned ticket revenue is for 300 tickets at $12 each. At the end of September, the adjusted balances of these selected accounts are: Prepaid insurance, $5,000; Fencing, $20,000; Accumulated Depreciation of Fencing, $15,000; Unearned ticket revenue, $1,320. tickets have been used by September 30? Marcus' Accountant will credit Ticket Revenue for how much at the end of September? What was the total amount of the insurance policy paid on June 1? Attempts 1 How many years old is the fencing? How many tickets have not been used? What is the monthly insurance expense for Marcus' Petting Zoo? Allowed Attempts 2 :: 2 years :: $350 :: 200 tickets :: $625 :: $7,500 :: $1,320 :: $1,800 190 tickets $2,280 3 years 110 tickets :: 100 tickets :: 1 year Check Answer Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 301 15
Transcribed Image Text:Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? Due No Due Date Points 30 Submitting an external tool Full Screen Chapter 5. Why Is Financial Information Adjusted Prior to the Production of Financial Statements? ACCESSIDIity How Marcus Roberts quit his job several years ago as an investment banker and bought a farm. Since he loves animals, he decided to start a side business at the farm called, Marcus' Petting Zoo. Marcus' accountant for the petting zoo adjusts its accounts at the end of each month. One year's insurance was paid on June 1. Fencing for the zoo is being depreciated over a four-year life with no estimated residual value at the end of four years. Marcus sells tickets to the local schools in August for their September and October field trips and this unearned ticket revenue is for 300 tickets at $12 each. At the end of September, the adjusted balances of these selected accounts are: Prepaid insurance, $5,000; Fencing, $20,000; Accumulated Depreciation of Fencing, $15,000; Unearned ticket revenue, $1,320. tickets have been used by September 30? Marcus' Accountant will credit Ticket Revenue for how much at the end of September? What was the total amount of the insurance policy paid on June 1? Attempts 1 How many years old is the fencing? How many tickets have not been used? What is the monthly insurance expense for Marcus' Petting Zoo? Allowed Attempts 2 :: 2 years :: $350 :: 200 tickets :: $625 :: $7,500 :: $1,320 :: $1,800 190 tickets $2,280 3 years 110 tickets :: 100 tickets :: 1 year Check Answer Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 301 15
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