[999Shikaku999]

Hey people, just wondering if you could help me out. I had to do an online quiz and it confused the hell out of me. :confused: Cause no matter what I did (even when doing exactly what the book said, it was wrong)

Scenic Tours Limited's unadjusted trial balance is presented below.
SCENIC TOURS LIMITED
Trial Balance
June 30, 2006
Debit Credit
Cash $ 4,000
Accounts receivable 2,860
Prepaid insurance 7,320
Supplies 1,165
Equipment 13,440
Acc. Amortization—eq. $ 3,300
Buses 140,400
Acc. Amortization—buses 46,800
Accounts payable 2,205
Notes payable 54,000
Unearned revenue 15,000
Common shares 30,000
Retained earnings 15,000
Tour revenue 17,310
Salaries expense 9,560
Advertising expense 1,150
Rent expense 1,850
Gas and oil expense 1,170
Income tax expense 700
________________________________________ ________________________________________
$ 183,615 $ 183,615
________________________________________ ________________________________________
Additional information:
1. The insurance policy has a one-year term beginning June 1, 2006.
2. The equipment has an estimated useful life of eight years. The buses have an estimated useful life of six years.
3. A physical count shows $240 of supplies on hand at June 30.
4. The note payable has a 7% interest rate. Interest is paid at the beginning of each month.
5. Deposits of $1,800 each were received for advanced tour reservations from 10 school groups. At June 30, three of these deposits have been earned.
6. Bus drivers are paid a combined total of $625 per day. At June 30, three days' salaries are unpaid.
7. A senior citizens' organization that had not made an advance deposit took a scenic tour on June 30 for $1,150. This group was not billed for the services provided until July.
8. Additional advertising costs of $700 have been incurred, but the bills have not been received by June 30.
9. Income taxes payable are estimated to be $100.

Now I have tried to work this out in here

SCENIC TOURS LIMITED
Adjusted Trial Balance
June 30, 2006
Debit Credit
Cash $ 7,000
Accounts receivable 4,010
Prepaid insurance 6,710
Supplies 240
Equipment 13,440
Acc. Amortization—equipment $ 4,980
Buses 140,400
Acc. Amortization—buses 70,200
Accounts payable 2,905
Notes payable 54,000
Interest payable 315
Salaries payable 1,875
Income Taxes payable 100
Unearned revenue 12,600
Common shares 30,000
Retained earnings 15,000
Tour revenue 23,860
Salaries expense 11,435
Advertising expense 1,850
Rent expense 1,850
Amortization expense 25,080
Gas and oil expense 1,170
Interest expense 315
Supplies expense 925
Income tax expense 800
Insurance expense 610
________________________________________ ________________________________________
$ 215,835 $ 215,835
________________________________________ ________________________________________

Now I got everything right, except for Cash and Unearned revenue (and the totals, obviously lolz)

I have tried and tried, could someone please explain to me just what I am doing wrong? (That way I won't screw up next time :D )

I hope I didn't double post this :mad: the computer was acting really strange

[CaptainForest]

What are your JE? Here are mine.

None of them touches Cash, so cash should remain at $4,000.

Unearned Revenue changes: 15,000 – 5,400 = $9,600

Adjusted Trial Balance balances at $212,835

1)
Dr. Insurance Expense 610
Cr. Prepaid 610

2)
Dr. Amortization Expense Equipment 1680
Cr. Accumulated Amortization Equipment 1680

Dr. Amortization Expense Buses 23,400
Cr. Accumulated Amortization Buses 23,400

3)
Dr. Supplies Expense 925
Cr. Supplies 925

4)
Dr. Interest Expense 315
Cr. Interest Payable 315

5)
Dr. Unearned Revenue 5,400
Cr. Revenue 5,400

6)
Dr. Salaries Expense 1,875
Cr. Salaries Payable 1,875

7)
Dr. AR 1,150
Cr. Sales 1,150

8)
Dr. Advertising Expense 700
Cr. AP 700

9. Income taxes payable are estimated to be $100.
Dr. Income Tax Expense 100
Cr. Income Tax payable 100

[999Shikaku999]

Thank you so much! ^_^

Ah that explains it, mine were pretty much the same, except that I added the 18,000 to cash cause I figured they got that in the month of June. And that's why unearned revenue was wrong, I overstated it.

Besides, one thing still doesn't make sense. They have 15,000 of the 18,000 there. Where did the 3000 disappear to? It's 1800 per trip, so how did they earn the 3000? Did they earn one trip completely, but only 2/3 of the other trip?

That and those were deposits... So shouldn't Accounts Receivable be much higher? Usually you don't pay for the full trip with a deposit right?

Ehehe, don't mind me. Some days I think my head isn't screwed on straight. o.O

[CaptainForest]

Besides, one thing still doesn't make sense. They have 15,000 of the 18,000 there. Where did the 3000 disappear to? It's 1800 per trip, so how did they earn the 3000? Did they earn one trip completely, but only 2/3 of the other trip?

That and those were deposits... So shouldn't Accounts Receivable be much higher? Usually you don't pay for the full trip with a deposit right?

Who said they earned 3,000?

1,800 x 3 = 5,400 (see my JE number 5)

The only other time they earned revenue was with transaction 7 in the amount of $1,150

Normally you don't pay for your entire trip with a deposit? Who is to say you don't. If I want to go fly on an airplane, I have to pay my entire plane ticket upfront and ahead of time. This is just a homework example, take it at face value.

[altafraaz]

Adjusting Entries are very tough for me too,,