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Correct my mistakes if possible. Greek peak is a ski resort in upstate new york. The company sells lift tickets, ski lessons, and ski equipment.
Correct my mistakes if possible.
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. Borrowed $820,000 from the bank on December 1, signing a node payable, due in six months. Purchased a new snowplow for $22,000 cash on December 31. Purchased ski supplies for $18, 300 on account. $32,000 in routine maintenance expenses for the; paid cash. Received $91, 500 for session passes (beginning in the new year). Daily the passes were sold this month for a total of $82, 800 cash. Received a $620 deposit on a townhouse to be for five days in January. Paid half the charges on account in (c). Paid $22, 500 in wages to employees for the month of December. Required: Prepare basis journal entries for each transaction. (If no entry is requires for a transactional event, select "no journal entry required" in the first account field.) Calculate the company's net income Step by Step Solution
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