Answer:
JOURNAL ENTRIES
01 Dec Debit bank $2,900,000 Credit Note payable $2,900,000
31 Dec Debit Snowplow $95,000 Credit Bank $95,000
c) Debit inventory $31,000 Credit Accounts Payable $31,000
d) Debit Maintenance expense $55,000 Credit Bank $55,000
e)Debit Bank $378,000 Credit Season Passes $378,000
f) Debit Accounts receivables $740 Credit Revenue $740
g) Debit Cost of sales $420 Credit Inventory $420
h) Debit Bank $260,000 Credit Daily lift passes $260,000
i) Debit Bank $2,200 Credit refundable deposit $2,200
j) Debit Accounts payable $15500 Credit Bank $15,500
k) Debit Bank $410 Credit Accounts receivables $410
l) Debit Salaries and Wages $264,000 Credit Bank $264,000
Explanation:
1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
