Mountain Peak Resorts engaged in the following transactions:
1.Issued $500,000 in common stock.
2.Purchased land for $250,000 in cash.
3.Paid $30,000 for promotional activities.
4.Sold vacation packages on account for $120,000 (cost $50,000).
5.Paid $40,000 in utilities.
6.Collected $80,000 from customers.
7.Paid $10,000 for facility maintenance.
Requirement: Prepare journal entries and create a trial balance.