Required information (The following information applies to the questions displayed below] Pine Fair, LP (Limited Partnerships, is one of the largest regional amusement park operators in the world, owning amusement parks, two water parks, and four hotels. The parks include Pine Point In Ohio Valleyfair near Minneapolis/St Paul Domey Park and Wildwater Kingdom near Allentown, Pennsylvania; Worlds of Fun in Kansas City, Great America in Santa Clara, California and Canada's Wonderland near Toronto, Canada, among several bthers. The following are summarized transactions similar to those that occumed in a recent year. Dollars are in thousands a. Guests at the parks paid $661,042 cash in admissions. b. The primary operating expenses for the year were employee wages of 485,416, with $453,630 paid in cash and the rest to be paid to employees in the following year c Pine Fair paid $51,000 principal on long-term notes payable. d. The parks sells merchandise in park stores. The cash received during the year for sales was $417,693. The cost of the Inventory sold during the year was $105,057 e Pine Fair purchased and built additional rides and other equipment during the year, paying $101.890 in cash f. Guests may stay in the parks at accommodations owned by the company. During the year, accommodations revenue was $93,394: $91,605 was paid by the guests in cash and the rest was owed on account g. Interest incurred and paid on long-term debt was $179,326. h. The company purchased $167.031 in Inventory for the park stores during the year, paying $135,031 in cash and owing the rest on account 1. Advertising costs for the parks were $159.926 for the year. $148,344 was paid in cash and the rest was owed on account Pine Fair paid $14,200 on accounts payable during the year Required 1. For each of these transactions, record journal entries. Use the letter of each transaction as Its roforence Note that transaction (d) will require two entries, one for revenue recognition and one for the related expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands not in dollars) Journal entry worksheet < 2 1 4 5 0 7 11 > Guests at the parks paid $661.042 cash in admissions. Transaction General Journal Debit Credit Record any View general jour h. The company purchased $167,031 In Inventory for the park stores d the rest on account. 1. Advertising costs for the parks were $159,926 for the year, $148,34 account J. Pine Fair paid $14,200 on accounts payable during the year. Required: 1. For each of these transactions, record journal entries. Use the letter of each t require two entries, one for revenue recognition and one for the related expens select "No Journal entry required" in the first account field. Enter your answe View transaction list 1 Guests at the parks paid $661,042 cash in admissions. 2 The primary operating expenses for the year were employee wages of 485,416, with $453,630 paid in cash and the rest to be paid to employees in the following year. 3 Pine Fair paid $51,000 principal on long-term notes payable. 4 The parks sells merchandise in park stores. The cash received during the year for sales was $417,693. The cost of the inventory sold during the year was $105.057. Record the sale. 11 Cred Note: " journal entry has been entered Record entry View gene Clear entry quire two entries, one for revenue recognition and one for the related lect "No Journal entry required" In the first account field. Enter you View transaction list 3 Pine Fair paid $51,000 principal on long-term notes payable. 4 The parks sells merchandise in park stores. The cash received during the year for sales was $417,693. The cost of the inventory sold during the year was $105,057. Record the sale. 5 The parks sells merchandise in park stores. The cash received during the year for sales was $417,693. The cost of the inventory sold during the year was $105,057. Record the cost of the sale. 6 Pine Fair purchased and built additional rides and other equipment during the year, paying $101,890 in cash. Note: = journal entry has been entered Record entry Clear entry www h. The company purchased $167,031 In Inventory for the park the rest on account. L. Advertising costs for the parks were $159,926 for the year account J. Pine Fair paid $14,200 on accounts payable during the yea quired: For each of these transactions, record journal entries. Use the letter quire two entries, one for revenue recognition and one for the relate lect "No Journal entry required" In the first account field. Enter you View transaction st 7 Pine Fair purchased and built additional rides and other equipment during the year, paying $101,890 in cash. Guests may stay in the parks at accommodations owned by the company. During the year, accommodations revenue was $93,394; $91,605 was paid by the guests in cash and the rest was owed on account. Interest incurred and paid on long-term debt was $179.326. The company purchased $167.031 in inventory for the park stores during the year paying $135.031 in cash and owing the rest on account Note journal entry has been entered Record any Clear entry View transaction list cash and the rest was owed on account. B Interest incurred and paid on long-term debt was $179,326. 9 The company purchased $167,031 in inventory for the park stores during the year, paying $135,031 in cash and owing the rest on account. 10 Advertising costs for the parks were $159,926 for the year; $148,344 was paid in cash and the rest was owed on account. 11 Pine Fair paid $14,200 on accounts payable during the Note year. = journal entry has been entered Record entry Clear entry Vieve Journal entry worksheet 1 2 3 4 5 0 7 11 Guests at the parks paid $661,042 cash in admissions. Note Enter detits before credits Transaction a General Joumal Debit Credit Racord entry Clear entry View general journal