Chapter 4

# Chapter 4 - Student Name Class Problem 04-03 GUNFLINT...

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Student Name: Class: Problem 04-03 GUNFLINT ADVENTURES Calculations: (1) Age of airplane in months: Monthly depreciation expense \$1,000 Age (number of months accumulated) 36 «- Correct! (2) Monthly airport rent expense: Remaining prepaid rent 7,200 Months remaining 4 Monthly airport rent expense 1,800 «- Correct! (3) Amount paid for insurance policy on Feb. 1 Remaining unexpired insurance \$3,500 Months remaining 7 Amount paid for insurance policy on Feb. 1 \$6,000 «- Correct! GUNFLINT ADVENTURES General Journal 20__ Account Titles Debit Credit (1) Jun 30 Depreciation Expense 1,000 Accumulated depreciation: Airplane 1,000 «- Correct! (2) 30 Airport Rent Expense 1,800 Prepaid Airport Rent 1,800 «- Correct! (3) 30 Insurance Expense 500 Unexpired Insurance 500 «- Correct! (4) 30 Unearned Passenger Revenue 75,000 Passenger Revenue Earned 75,000 «- Correct!

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Given Data P04-03: GUNFLINT ADVENTURES Selected account balances: Debit Credit Prepaid airport rent \$7,200 Unexpired insurance 3,500 Airplane 240,000
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## This note was uploaded on 07/15/2010 for the course ACC ACC50 taught by Professor Smith during the Summer '10 term at Rutgers.

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Chapter 4 - Student Name Class Problem 04-03 GUNFLINT...

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