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Pine Fair, L

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Pine Fair, L.P. (Limited Partnership), is one of the largest regional amusement park operators in the world, owning 11 amusement parks, two water parks, and four hotels. The parks include Pine Point in Ohio; Valleyfair near Minneapolis/St. Paul; Dorney 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 others. The following are summarized transactions similar to those that occurred in a recent year. Dollars are in thousands. a. Guests at the parks paid $651,042 cash in admissions. b. The primary operating expenses for the year were employee wages of 477,416, with $445,630 paid in cash and the rest to be paid to employees in the following year. c. Pine Fair paid $50,400 principal on long-term notes payable. d. The parks sells merchandise in park stores. The cash received during the year for sales was $409,693. The cost of the inventory sold during the year was $103,057. e. Pine Fair purchased and built additional rides and other equipment during the year, paying $100,090 in cash. f. Guests may stay in the parks at accommodations owned by the company. During the year, accommodations revenue was $91,794; $90,105 was paid by the guests in cash and the rest was owed on account. g. Interest incurred and paid on long-term debt was $175,326. h. The company purchased $164,031 in inventory for the park stores during the year, paying $132,631 in cash and owing the rest on accoont. i. Advertising costs for the parks were $156.926 for the vear: $146.144 was paid in
a. Guests at the parks paid $651,042 cash in admissions. b. The primary operating expenses for the year were employee wages of 477,416, with $445,630 paid in cash and the rest to be paid to employees in the following year. c. Pine Fair paid $50,400 principal on long-term notes payable. d. The parks sells merchandise in park stores. The cash received during the year for sales was $409,693. The cost of the inventory sold during the year was $103,057. e. Pine Fair purchased and built additional rides and other equipment during the year, paying $100,090 in cash. f. Guests may stay in the parks at accommodations owned by the company. During the year, accommodations revenue was $91,794; $90,105 was paid by the guests in cash and the rest was owed on account. g. Interest incurred and paid on long-term debt was $175,326. h. The company purchased $164,031 in inventory for the park stores during the year, paying $132,631 in cash and owing the rest on account. 1. Advertising costs for the parks were $156,926 for the year; $146,144 was paid in cash and the rest was owed on account. j. Pine Fair paid $13,800 on accounts payable during the year.
Required: 1. For each of these transactions, record journal entries. Use the letter of each transaction as its reference. Note that transaction (d) will require two entries, one for revenue recognition and one for the related expense. (If he 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.) View transaction list Journal entry worksheet Guests at the parks paid $651,042 cash in admissions. Note: Enter debits before credits. Transaction General Journal Debit Credit Trou
The primary operating expenses for the year were employee wages of 477,416, with $445,630 paid in cash and the rest to be paid to employees in the following year. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal
Pine Fair paid $50,400 principal on long-term notes payable. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal
The parks sells merchandise in park stores. The cash received during the year for sales was $409,693. The cost of the inventory sold during the year was $103,057. Record the cost of the sale. Note: Enter debits before credits. Transaction d(2) General Journal Debit Credit Record entry Clear entry View general journal
Pine Fair purchased and built additional rides and other equipment during the year, paying $100,090 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal
Guests may stay in the parks at accommodations owned by the company. During the year, accommodations revenue was $91,794; $90,105 was paid by the guests in cash and the rest was owed on account. Note: Enter debits before credits. General Journal Transaction f. Debit Credit Record entry Clear entry View general journal