Transactions during June at Water World include the following:

$1.$ During June, seasonal plants and paint costs $$1,500,000$ paid in cash. $($Hint: use maintenance expense.$)$

$2.$ Season passes are sold for $$600,000$ cash. All season passes provide free admission for the summer, June $1$ through August $31.$

$3.$ The medical team, full$-$time staff members, spent $35\%$ of their time during June treating otters for minor injuries and inoculations. The animals in the other exhibits required the rest of their time.

$4.$ General sanitizing chemicals $($from the water chemicals inventory$)$ were used to treat the water in the water park rides and the animal tanks, $$250,000.$ Some animal tanks required salinization, so $$30,000$ in water saline inventory was used as well.

$5.$ Cash admissions for the month totaled $$2,500,000.$

$6.$ Concession sales totaled $$700,000$ in cash for goods costing $$250,000.$

$7.$ The following cash salaries paid for the month. You may ignore withholding and taxes. Use $$expense salary operating$$ and$/$or $$expense salary administration$$ as needed.

Medical team: $$120,000$ Dolphin trainers: $$50,000$ Otter Handlers: $$80,000$ Administration: $$225,000$

$8.$ Bought fish, squid and other food and supplements costing $$60,000$ on account.

$$100,000$ of food was used during the month.

$9.$ The cost of utilities for the month totaled $$25,000,$ which was paid immediately.

Adjusting entries:

$10.$ At the end of the month, depreciation on the buildings and equipment is recorded. The buildings and equipment have an expected useful life of $35$ years, and a salvage value of $$5,000,000.$ Water World uses straight line depreciation techniques to depreciate the building and equipment.

$11.$ June interest on the note payable is accrued. The annual interest rate on the note payable is $6\%,$ and the payment is due on January $1$ of each year.

$12.$ Season ticket revenue is recorded for the month.

$13.$ Prepaid insurance is adjusted. The balance as of June $1$ represents $8$ months of remaining coverage.

Table $2$

Water Works Account Balances June $1,$ x$1$

Cash $ $1,000,000\mathrm{.}00$

Prepaid Insurance $ $4,000,000\mathrm{.}00$

Inventories:

Animal Foods $ $50,000\mathrm{.}00$

Water chemicals $ $255,000\mathrm{.}00$

Water saline $ $31,500\mathrm{.}00$

Concession $ $450,000\mathrm{.}00$

Administrative $ $60,000\mathrm{.}00$

Land $ $16,000,000\mathrm{.}00$

Buildings & Equip $ $26,000,000\mathrm{.}00$

Accum Depreciation bld &equip $ $(11,000,000\mathrm{.}00)$

Season Passes $ $(600,000\mathrm{.}00)$

Notes Payable $ $(23,000,000\mathrm{.}00)$

Stock $ $(4,000,000\mathrm{.}00)$

Retained Earnings $ $(9,246,500\mathrm{.}00)$ a$)*$ Create a post$-$closing trial balance.