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Greek Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. The company had the following
Greek Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. The company had the following transactions during the first quarter of operation, as following: (CLO5) 1. Received $30,000 from proving ski lessons to customers. 2. Issued $500 gift card at the beginning of January 3. Paid $10,000 cash for Ski Supplies. 4. Paid $3,000 for prepaid expenses for 3- year rent contract. Requirement: a. For each transaction, perform transactions analysis and indicate the account, amount, and effects (+ for increase and - for decrease) on accounting equation A = L + SE. b. Prepare Journal Entries for each transaction into general journal using simplified format. c. Post these journal entries to general ledger using T-account format. d. Prepare Unadjusted Trial Balance for the first quarter ended. e. Give the adjusting entry required for each transaction at March 31st, 2020. The following data with respect to adjusting entries are available: i. Prepaid Rent expired during the first quarter, at $250. ii. Customers redeemed a portion of the gift cards for $200. f. Prepare Adjusted Trial Balance for the first quarter, 2020. ) Nhn tin... 1.S
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