8-5
Exercise 8-11 (Algo) Record gift card transactions (LO8-4) 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 $109,000. The gitt cards are redeemable for one day of sking during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $20,900 in December, $30,900 in January, $25,900 in February, and $15,900 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.) Journal entry worksheet Exercise 8-11 (Algo) Record gift card transactions (LO8-4) Vall is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (lift passes) for $109,000. The gift cards are redeemable for one day of sking during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $20,900 in December, $30,900 in January, $25,900 in February, and $15,900 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.) Journal entry worksheet Record the redemption of gift cards as of December 31, 2024, Note: Enter debits before credits Exercise 8-11 (Algo) Record gift card transactions (LO8-4) Vall is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (ift passes) for $109,000. The gitt cards are redeemable for one day of sking during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gitt cards of $20,900 in December, $30,900 in January, $25,900 in February, and $15,900 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.) Journal entry worksheet Record the redemption of gift cards in 2025 by preparing a summary entry as of March 31, 2025 Note: Enter debits before credits: Exercise 8-11 (Algo) Record gift card transactions (LO8-4) Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail sells gift cards (iift passes) for $109,000. 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 $20,900 in December, $30,900 in January, $25,900 in February, and $15,900 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.) Journal entry worksheet Record the expiration (breakage) of gift cards on April 1, 2025. Note: Enter debits before credits
