Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March. Required: 1. to 4. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the expiration (breakage) of gift cards on April 1, 2025. Note: Enter debits before credits. Date April 01, 2025 General Journal Debit Credit Record entry Clear entry View general iournal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (lift passes) for $100,000.
The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2025.
Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March.
Required:
1. to 4. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event,
select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
< 1
2
3
4
Record the expiration (breakage) of gift cards on April 1, 2025.
Note: Enter debits before credits.
Date
April 01,
2025
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
Transcribed Image Text:Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March. Required: 1. to 4. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the expiration (breakage) of gift cards on April 1, 2025. Note: Enter debits before credits. Date April 01, 2025 General Journal Debit Credit Record entry Clear entry View general journal
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