Answered Essay: Chrome File Edit View History Bookmarks People Window Help >.. D Previous Attempt View M Chapter 3 H i

Find the preliminary net income
Chrome File Edit View History Bookmarks People Window Help >.. D Previous Attempt View M Chapter 3 H ill Connect i Er Chapter 3 HW ezto.mheducation.com/hm.tpx pps ☆Bookmarks value: 0.42 points E3-10 Recording Journal Entries and Determining Net Income [LO 3-2, LO 3-3] Greek Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort a. Borrowed $740,000 from the bank on December 1, signing a note payable, due in six months b. Purchased a new snowplow for $26,250 cash on December 31. c. Purchased ski supplies for $14,900 on account. d. Incurred $26,400 in routine maintenance expenses for the chairlifts; paid cash. e. Received $81,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $91,000 cash. g. Received a $485 deposit on a townhouse to be rented for five days in January h. Paid half the charges incurred on account in (c). i. Paid $22,200 in wages to employees for the month of December. Required 1. Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit a. Cash 740,000 Notes Payable (short-term) 740,000 b. Equipment Cash 26,250
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Chrome File Edit View History Bookmarks People Window Help >.. D Previous Attempt View M Chapter 3 H ill Connect i Er Chapter 3 HW ezto.mheducation.com/hm.tpx pps ☆Bookmarks value: 0.42 points E3-10 Recording Journal Entries and Determining Net Income [LO 3-2, LO 3-3] Greek Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort a. Borrowed $740,000 from the bank on December 1, signing a note payable, due in six months b. Purchased a new snowplow for $26,250 cash on December 31. c. Purchased ski supplies for $14,900 on account. d. Incurred $26,400 in routine maintenance expenses for the chairlifts; paid cash. e. Received $81,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $91,000 cash. g. Received a $485 deposit on a townhouse to be rented for five days in January h. Paid half the charges incurred on account in (c). i. Paid $22,200 in wages to employees for the month of December. Required 1. Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit a. Cash 740,000 Notes Payable (short-term) 740,000 b. Equipment Cash 26,250

Expert Answer

 

Journal entries in the books of Greek Peak
Date Account’s tittle Debit $ Credit $
a Dec-01 Cash            7,40,000
Notes Payable           7,40,000
( Borrowd bank loan of $ 740,000)
b Dec-31 Equipments                26,250
Cash               26,250
(To be record purchases of snowplow )
c Dec-31 Supplies                14,900
Accounts Payable               14,900
(To be record purchases of supplies on account)
d Dec-31 Repaires and Maintenance Expenses                26,400
Cash               26,400
(To be record maintenance expenses being paid)
e Dec-31 Cash                81,250
Unearned Revenue               81,250
(To be record cash received for season passes as advance)
f Dec-31 Cash                91,000
Service Revenue               91,000
(To be record sale of lift passes for cash)
g Dec-31 Cash                      485
Unearned Revenue                     485
(To be record cash received as a deposit for renting townhouse on next month)
h Dec-31 Accounts Payable ( $ 14,900 x 50%)                  7,450
Cash                 7,450
(To be record 50% of accounts payable being paid)
i Dec-31 Salaries and Wages Expenses                22,200
Cash               22,200
(To be record wages to employees for the month of December being paid)
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