Cullumber Adventure Park Inc. operates a number of adventure parks across Canada. The company is expecting to open its latest park

on June $1.$ The following selected events and transactions occurred during the month of April:

April $1$

Borrowed $$2,030,000$ from a bank, signing a bank loan due in six months plus $5\%$ interest.

April $2$

Purchased a park location for $$1,840,000.$ The price included land of $$1,030,000$; building of $$680,000$; and trail

maintenance equipment of $$130,000.$ Paid cash of $$780,000$ and signed a mortgage payable for the balance.

April $5$

Paid $$1,300$ for advertising to promote the upcoming opening of the new adventure park.

April $10$

Received $$64,800$ in cash for annual subscriptions which will grant holders annual access to the new park beginning in june.

April $15$

Paid salaries of $$2,900.$

April $17$

Purchased equipment for $$21,000.$ Paid $$10,000$ in cash and the balance on account.

April $21$

Paid utility costs of $$2,500$

April $25$

Paid $$2,760$ for one$-$year insurance policy with coverage beginning next month.

April $29$

Paid property taxes of $$350.$

April $30$

Paid the balance for the equipment purchased on April $17.$

April $30$

Paid interest on the mortgage payable of $$2,650$

Instructions :

JOURNALISE THE TRANSACTIONS.

Answer rating: 100% (QA)

To journalize the transactions for Cullumber Adventure Park Inc for the month of April we will recor... View the full answer