Problem 4.4 - Student Name: Class: McGraw-Hill/Irwin...

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Student Name: Class: McGraw-Hill/Irwin Problem 04-03 GUNFLINT ADVENTURES Calculations: (1) Age of airplane in months: Monthly depreciation expense Age (number of months accumulated) (2) Monthly airport rent expense: Remaining prepaid rent Months remaining Monthly airport rent expense (3) Amount paid for insurance policy on Feb. 1 Remaining unexpired insurance Months remaining Amount paid for insurance policy on Feb. 1 GUNFLINT ADVENTURES General Journal 20__ Account Titles Debit Credit (1) Jun 30 Depreciation Expense: Airplane Accumulated depreciation: Airplane (2) 30 Airport Rent Expense Airport Prepaid Rent (3) 30 Insurance Expense Unexpired Insurance (4) 30 Unearned Passenger Revenue Passenger Revenue Earned
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GUNFLINT ADVENTURES Selected account balances: Debit Credit Prepaid airport rent $7,200 Unexpired insurance 3,500 Airplane 240,000 Accumulated Depreciation: Airplane $36,000 Unearned passenger revenue 90,000 Other information: (1) Useful life of airplane in years 20 Residual value of airplane $ 0 (2) Unearned passenger revenue per ticket $300 (3) Number of months covered in prepaid rent
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Problem 4.4 - Student Name: Class: McGraw-Hill/Irwin...

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