Check my Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $75. Adult customers also can purchase a season pass that entities the pass holder to ski any day during the season, which typically runs from December 1 through April 30. Ski West expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31 On November 6, 2021, Jake Lawson purchased a season pass for $405. Required: 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31 3. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Complete this question by entering your answers in the tabs below. Check my Required 1 Required 2 Required 3 Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the cash collection. Note: Enter debits before credits General Journal Debit Credit vember 06. 2021 Record entry Clear entry View general journal ch Required 1 Required 2 Required 3 23 points Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the recognition of revenue earned in December. References Note: Enter debits before credits. Date General Journal Debit Credit December 31. 2021 Record entry Clear entry View general journal Che On November 6, 2021, Jake Lawson purchased a season pass for $405. Required: points 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. 3. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Amount revenue included in remaining balance in Amount deferred revenue Required 2
