Recording journal entries and determining net income

Greek Peak is aski resort in upstate New York. The com pany sells bekets, SI essons, and si 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 $900,000 from the bank on December 1, signing a note payable, due in six months b. Purchased a new snowplow for $24,500 cash on December 31 c. Purchased ski supplies for $17,500 on account d. Incurred $23,000 in routine maintenance expenses for the chairlifts: paid cash. e. Received $80,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $72,000 cash. g. Received a $560 deposit on a townhouse to be rented for five days in January. h. Paid half the charges incurred on account in (c). i. Paid $24,700 in wages to employees for the month of December. Required: 1. Prepare accrual basis journal entries for each transaction. (f no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Borrowed $900,000 from the bank on December 1, signing a note payable, due in six months. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Clear entry View general journal Record entry 2. Calculate the company's preliminary net income. nary Net Income