occur at the resort. a. Borrowed $670,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $24,250 cash on December 31. c. Purchased ski supplies for $17,100 on account. d. Incurred $27,200 in routine maintenance expenses for the chairlifts; paid cash. e. Received $71,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $93,000 cash. g. Received a $505 deposit on a townhouse to be rented for five days in January. h. Paid half the charges incurred on account in (c) I. Incurred and paid $18,200 in wages to employees for the month of December Required: 1. Prepare accrual basis journal entries for each transaction. 2. Calculate the company's net income based on the transactions listed. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the company's net income based on the transactions in Requirement 1. Net Income previous all No Transaction General Journal Credit 1 a. Cash Notes Payable (short-term) Debit 670,000 670,000 2 b 24 250 Equipment Cash 24,250 3 17,100 Supplies Accounts Payable 17,100 4 d 27,200 Repairs and Maintenance Expense Cash 27,200 5 e. 71,250 Cash Deferred Revenue 71,250 6 f. 93,000 Cash Service Revenue 93,000 505 7 9 Cash Deferred Revenue 505 8 h. 8,550 Accounts Payable Cash 8,550 18,200 9 1. Salaries and Wages Expense Cash 18,200 Required 1 Required 2 >