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Question: e310 recording journal entries and determining net income lo 32...

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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 $720,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $33,500 cash on December 31 c. Purchased ski supplies for $15,800 on account. d. Incurred $25,400 in routine maintenance expenses for the chairlifts; paid cash. e. Received $83,000 for season passes ( f. Daily lift passes were sold this month for a total of $83,400 cash. g. Received a $445 deposit on a townhouse to be rented for five days in January. h. Paid half the charges incurred on account in (c). i. Paid $26,000 in wages to employees for the month of December beginning in the new 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 Journal entry worksheet Borrowed $720,000 from the bank on December 1, signing a note payable due in six months. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journal 2. Calculate the companys preliminary net income. Net Income

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