Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vall 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 < Record the sale of gift cards on October 1, 2024. Note: Enter debits before credits Date October 01, 2024 General Journal Debit Credit
Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vall 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 < Record the sale of gift cards on October 1, 2024. Note: Enter debits before credits Date October 01, 2024 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vall sells gift cards (lift passes) for $100,000.
The gift cards are redeemable for one day of skling 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
<
Record the sale of gift cards on October 1, 2024.
Note: Enter debits before credits
Date
October 01,
2024
General Journal
Debit
Credit
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