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Gelneren [198K]
3 years ago
7

What would be the journal entry for each of the listed transactions? For each transaction, how Cedar Fair’s assets, liabilities,

and equity would be impacted by each individual transaction?
Business
1 answer:
nika2105 [10]3 years ago
3 0

Answer:

Following are the transactions and their effects on Cedar's balance sheet

May 1: Sell admission tickets, $100,000, cash

Transaction:

Sell admission ticket- Debit

Cash- Credit

Impact

the sell tickets shall increase the expense and decreasing the reserves and cash will be credited resulting in decreasing the current assets,

May 3: Purchase merchandise inventory, $5,000, on account

Transaction:

Purchase Inventory- Debit

Accounts payable- Credit

Impact

both will result in increasing in current assets and current liabilities.

May 6: Rent lockers to guests, $500, cash

Transaction:

Rent lockers- Debit

Cash- Credit

Impact

the rent lockers shall increase the expense and decreasing the reserves and cash will be credited resulting in decreasing the current assets,

May 15: Pay employees, $75,000, cash

Transaction:

Pay employee- Debit

Cash- Credit

Impact

the Pay employee shall increase the expense and decreasing the reserves and cash will be credited resulting in decreasing the current assets,

May 20: Borrow money from bank by signing a six-month note, $200,000

Transaction:

Cash- Debit

Note Payable- Credit

Impact

both will result in increasing in current assets and current liabilities.

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