24 s on S2-11 Canada's Wonderland is an amusement park in Vaughan, Ontario. Over 3.5 million people visit Wonderland each year between May and October. It covers 330 acres and has more than 200 rides and attractions, including 16 roller coasters. Wonderland has been the most-visited seasonal amusement park in North America for several years. Millions of transac- tions occur at Wonderland each year. The following items are possible transactions: May May 3 May 6 May 8 May 15 May 18 May 20 Sell admission tickets, $100,000, cash D Purchase merchandise inventory, $5,000, on account Rent lockers to guests, $500, cash D Sign a letter of intent to switch electricity suppliers starting in June Pay employees, $75,000, cash Make an offer of employment for a new position in the Merchandise and Games office Borrow money from bank by signing a six-month note, $200,000 Requirements 1. What criteria does an item have to meet to qualify as a business transaction? Identify which of the listed items are business transactions. 2. Record each of the business transactions in the journal. 3. Indicate how the company's assets, liabilities, and shareholders' equity would be affected by each transaction