1. How would Cedar Point record various transactions?
Original blog posting (December 29, 2016)

2. Cedar Point Amusement park in Sandusky, OH
Over 3.5 million visitors per year
364 acres with over 150 rides and 16 roller coasters
2nd oldest amusement park in U.S

3. Cedar Point Hypothetical transactions:
May 1: Sell admission tickets, $100,000, cash
May 3: Purchase merchandise inventory, $5,000, on account
May 6: Rent lockers to guests, $500, cash
May 15: Pay employees, $75,000, cash
May 20: Borrow money from bank by signing a six-month note, $200,000

4. Question 1
See each of the following slides for the transaction and the related journal entry.

5. May 1: Sell admission tickets, $100,000, cash

6. May 1: Sell admission tickets, $100,000, cash
JOURNAL
Date
Accounts and explanation
Debit
Credit
May 1
Cash
100,000
Sales revenue
100,000
Record sales revenue from admissions

7. May 3: Purchase merchandise inventory, $5,000, on account

8. May 3: Purchase merchandise inventory, $5,000, on account
JOURNAL
Date
Accounts and explanation
Debit
Credit
May 3
Merchandise inventory
5,000
Accounts payable
5,000
Purchase merchandise inventory

9. May 6: Rent lockers to guests, $500, cash

10. May 6: Rent lockers to guests, $500, cash
JOURNAL
Date
Accounts and explanation
Debit
Credit
May 6
Cash
500
Sales revenue
500
Record sales revenue from locker rental

11. May 15: Pay employees, $75,000, cash

12. May 15: Pay employees, $75,000, cash
JOURNAL
Date
Accounts and explanation
Debit
Credit
May 15
Salaries expense
75,000
Cash
75,000
Record payroll expenses

13. May 20: Borrow money, $200,000

14. May 20: Borrow money, $200,000 JOURNAL Date Accounts and explanation
Debit
Credit
May 20
Cash
200,000
Loans payable
200,000
Borrow funds

15. Question 2
For each transaction, how Cedar Fair’s assets, liabilities, and equity would be impacted by each individual transaction?

16. Question Recap
What would be the journal entry for each of the listed transactions?
For each transaction, how Cedar Fair’s assets, liabilities, and equity would be impacted by each individual transaction?

17. For additional news stories to use in the accounting classroom, see the Accounting in the Headlines blog at Questions or comments? Contact Dr. Wendy Tietz at