Greek Peak Incorporated 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.

Required: 1. Prepare journal entries for each transaction. (Remember to check that debits equal credits and that the accounting equation is in balance after each transaction.) 2. Assume that Greek Peak had a SI. 200 balance in Accounts Receivable at the beginning of December.

Determine the ending balance in the Accounts Receivable account at the end of Decembei based Oil transactions (

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a. Borrowed $500,000 from the bank on December 1. signing a note payable due in six months. b. Purchased a new snow plow for $20.000 cash on December 31. c. Purchased ski equipment inventory for $10.000 on account to sell in the ski shop. d. Incurred $22,000 in routine maintenance expenses for the chair lifts: paid cash. e. Sold $72,000 of season passes and received cash. f. Sold daily lift passes for a total of $76,000 in cash. g. Sold a pair of skis from the ski shop to a customer for $350 on account. (The cost of the skis was $250.) h. Received a $320 deposit on a townhouse to be rented for five days in January. i. Paid half the charges incurred on account in (c). j. Received $200 on account from the customer in (g). k. Paid $108.000 in wages to employees for the month of December.