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 $870,000 from the bank on December 1 , signing a note payable, due in six months. b. Purchased a new snowplow for $27,000 cash on December 31 . c. Purchased ski supplies for $18,200 on account. d. Incurred $29.100 in routine maintenance expenses for the chairlfts, paid cash. e. Recelved $73,750 for season passes (beginning in the new year) f Daily lift passes were sold this month for a total of $82,200 cash. 9 Received a $675 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 $23,600 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. Complete this question by entering your answers in the tabs below. Prepare taccrual batis journal entnes for each trangaction. (ffino entry is required for a trangactop/event: nifiect-" No journal fintry flecquared" in the frst acreoget finion ? Pikes Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. It operates se restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of t occur at the resort. a. Borrowed $870,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $27,000 cash on December 31 . c. Purchased ski supplies for $18,200 on account. d. Incurred $29100 in routine maintenance expenses for the chairlifts: paid cash. e. Received $73,750 for season passes (beginning in the new year). tDaily lift passes were sold this month for a total of $82200 cash. g. Received a $675 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 $23.600 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. Complete this question by entering your answers in the tabs below. Calculate the company's preliminary net income. complete this question by entering yoer answers in Itae cabs belaw. Propare accrual banid jounat entriss for each trancactoon. (th no enfry a regured for a tranide bavish) Mocoared in the lant accosit, fald.). Journal entry worksheet 2. 3=4 4 5 is 7 9. due in sir mootha, Eecors the trankartion. Complefe this question by anterieg voer asvaners in the tats beiow. Prepired in the first accownt liold. Journal entry worksheet 53 4 5. S. 7 , 4 : 9 Phrchesed a new showplow for 527,000 cash on ficertber 2L. Racond the tramsaction. Complete this question by enterincj your answers in the tabs below. Tepare accrual basin youmul eneries for each transactien. (if no entry s requered far a transactioniev higured in the first account field.). Journal entry worksheet 1212 Prarchabed siu supplint for $18,200 on acreunt. Roctant the tranicachon. implete this nuestion by entering Your arnvwers in the tabs below. Journal entry worksheet Wetw: Tover Eabte hefore ander. complete this question hy entering yoor atriwers in the tates below. Journal entry worksheet Hete this question ty entring yeur antwers in the fabs below. aconual bass joural entries tor each transaction. (th mo mty is ruqued fof a tranalebonvevent, seloc is in the fievt account field urnal entry worksheet 1 Daly litt passer were sold this mointh for a total af 362,220,cach. Record the transaction. Completn this quertion by entering your answers in the tibs below. Journal entry worksheet Ienuary. Fiecord the trateaction. Conyolete this question tiy entering your atsmers in the tahs below. Prepare accriod bass joumal entries for each trarimction. fir no entry miveqaind for a banachigy/cuce reveige edi in the fint aocuant fith) Journal entrv worksheet Complete this questinn by entering your answrs in the kabs below. Thiquired in the first accoint felle.) Journal entry worksheet fecord the trarsaction