Pikes 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. a. Borrowed $640,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $34,750 cash on December 31. c. Purchased ski supplies for $17,800 on account. d. Incurred $26,900 in routine maintenance expenses for the chairlifts; paid cash. e. Received $74,000 for season passes (beginning in the new year). fDaily lift passes were sold this month for a total of $92,200 cash. g. Received a $750 deposit on a townhouse to be rented for five days in January. h. Paid half the charges incurred on account in (c) 1. Incurred and paid $26,500 in wages to employees for the month of December. Required: 1. Prepare accrual basis journal entries for each transaction. 2. Calculate the company's preliminary net income. Prepare accrual basis journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 1 Transaction General Journal Cash Notes Payable (short-term) 2 b. Equipment Cash 3 c. 4. d Supplies Accounts Payable Repairs and Maintenance Expense Cash 5 e Cash Accounts Receivable 6 . Cash 7 9. 9 L Service Revenue Cash Service Revenue Salaries and Wages Expense Cash 00 10 00 Debit Credit 640,000 640,000 Required Required 2 > 34,750 34,750 17,800 17,800 26,900 26,900 74,000 74,000 92,200 92,200 750- 750 26,500 26,500