Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over...

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Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point each year between May and October. It covers 364 acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously operating amusement park in the United States (the oldest is Lake Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: (Click the icon to view the possible events.) Read the requirements Requirement 1. What criteria does an event have to meet to qualify as a financial transaction? Identify which of the listed events are financial transactions Begin by selecting the criteria an event has to meet to qualify as a financial transaction. (Select two possible answers.) Can be measured reliably. Has a financial impact on a business. Identify which of the listed events are financial transactions. (Select "Yes" if it is a financial transaction and "No" if it is not a financial transaction.) Yes Yes Yes Sell admission tickets, $130,000, cash Purchase merchandise inventory, $9,000, on account Rent lockers to guests, $650, cash Sign a letter of intent to switch electric suppliers starting in June Pay employees, $55.000, cash Make an offer of employment for a new position in the Merchandise & Games office Borrow money from bank by signing a six-month note, $375,000 No Yes No Yes Requirement 2. Journalize each of the transactions. (Record debits first, then credits. Exclude explanations from any journal entries. If an entry is not required, select "No entry required" on the first line of the table and leave all other cells blank.) Choose from any list or enter any number in the input fields and then continue to the next question. coasters. Cedar Point is the second oldest continuc Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: i (Click the icon to view the possible events.) Read the requirements. wwwwww or TOUT TY en Tor vom-onary May 1: Sell admission tickets, $130,000, cash May Date May May 3: Purchase merchandise inventory, $9,000, on account Journal Entry Date 3 Inventory Journal Entry Accounts Accounts Accounts Payable Debit Debit 9000 Credit Credit 9000 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visa acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously op Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: i (Click the icon to view the possible events.) Read the requirements. May 6: Rent lockers to guests, $650, cash May Date May Journal Entry Date Accounts May 8: Sign a letter of intent to switch electric suppliers starting in June Journal Entry Debit Accounts Debit Credit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Poi acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously operating am Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: i (Click the icon to view the possible events.) Read the requirements. May 15: Pay employees, $55,000, cash May Date May Journal Entry Date Accounts May 18: Make an offer of employment for a new position in the Merchandise & Games office Journal Entry Debit Accounts Credit Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Read the requirements. May 20: Borrow money from bank by signing a six-month note, $375,000 Journal Entry May to view the possible events.) Date Accounts Debit The following items are possible events: Credit Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point each acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously operating amusemen Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: (Click the icon to view the possible events.) Read the requirements. Fill out the following chart to show the impact on the company's assets, liabilities, and equity. (Select an "X" in each applicable answer box. If a box i Liabilities Stockholders' equity Increase Decrease Date May 1 May 3 May 6 May 8 Date May 15 May 18 May 20 Description Sell admission tickets, $130,000, cash Purchase merchandise inventory, $9,000, on account Rent lockers to guests, $650, cash Sign a letter of intent to switch electric suppliers starting in June Description Pay employees, $55,000, cash Make an offer of employment for a new position in the Merchandise & Games office Borrow money from bank by signing a six- month note, $375,000 Assets Increase Decrease Increase Decrease Assets Liabilities. Increase Decrease Increase Decrease Choose from any list or enter any number in the input fields and then continue to the next question. Stockholders' equity Increase. Decrease Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point each year between May and October. It covers 364 acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously operating amusement park in the United States (the oldest is Lake Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: (Click the icon to view the possible events.) Read the requirements Requirement 1. What criteria does an event have to meet to qualify as a financial transaction? Identify which of the listed events are financial transactions Begin by selecting the criteria an event has to meet to qualify as a financial transaction. (Select two possible answers.) Can be measured reliably. Has a financial impact on a business. Identify which of the listed events are financial transactions. (Select "Yes" if it is a financial transaction and "No" if it is not a financial transaction.) Yes Yes Yes Sell admission tickets, $130,000, cash Purchase merchandise inventory, $9,000, on account Rent lockers to guests, $650, cash Sign a letter of intent to switch electric suppliers starting in June Pay employees, $55.000, cash Make an offer of employment for a new position in the Merchandise & Games office Borrow money from bank by signing a six-month note, $375,000 No Yes No Yes Requirement 2. Journalize each of the transactions. (Record debits first, then credits. Exclude explanations from any journal entries. If an entry is not required, select "No entry required" on the first line of the table and leave all other cells blank.) Choose from any list or enter any number in the input fields and then continue to the next question. coasters. Cedar Point is the second oldest continuc Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: i (Click the icon to view the possible events.) Read the requirements. wwwwww or TOUT TY en Tor vom-onary May 1: Sell admission tickets, $130,000, cash May Date May May 3: Purchase merchandise inventory, $9,000, on account Journal Entry Date 3 Inventory Journal Entry Accounts Accounts Accounts Payable Debit Debit 9000 Credit Credit 9000 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visa acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously op Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: i (Click the icon to view the possible events.) Read the requirements. May 6: Rent lockers to guests, $650, cash May Date May Journal Entry Date Accounts May 8: Sign a letter of intent to switch electric suppliers starting in June Journal Entry Debit Accounts Debit Credit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Poi acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously operating am Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: i (Click the icon to view the possible events.) Read the requirements. May 15: Pay employees, $55,000, cash May Date May Journal Entry Date Accounts May 18: Make an offer of employment for a new position in the Merchandise & Games office Journal Entry Debit Accounts Credit Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Read the requirements. May 20: Borrow money from bank by signing a six-month note, $375,000 Journal Entry May to view the possible events.) Date Accounts Debit The following items are possible events: Credit Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point each acres and has more than 150 rides and attractions, including 16 roller coasters. Cedar Point is the second oldest continuously operating amusemen Compounce in Connecticut.) Millions of events occur at Cedar Point each year. The following items are possible events: (Click the icon to view the possible events.) Read the requirements. Fill out the following chart to show the impact on the company's assets, liabilities, and equity. (Select an "X" in each applicable answer box. If a box i Liabilities Stockholders' equity Increase Decrease Date May 1 May 3 May 6 May 8 Date May 15 May 18 May 20 Description Sell admission tickets, $130,000, cash Purchase merchandise inventory, $9,000, on account Rent lockers to guests, $650, cash Sign a letter of intent to switch electric suppliers starting in June Description Pay employees, $55,000, cash Make an offer of employment for a new position in the Merchandise & Games office Borrow money from bank by signing a six- month note, $375,000 Assets Increase Decrease Increase Decrease Assets Liabilities. Increase Decrease Increase Decrease Choose from any list or enter any number in the input fields and then continue to the next question. Stockholders' equity Increase. Decrease

Answer rating: 100% (QA)

Requirement 1 is assumed to be solved Requirement 2 May 1 Sell admission tickets 130000 cash Date Ac... View the full answer