Exercise $8-11($Algo$)$ Record gift card transactions $($LO$8-4)$

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 $$112,000.$ The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April $1,2025.$ Customers redeem gift cards of $$21,200$ in December, $$31,200$ in January, $$26,200$ in February, and $$16,200$ in March.

Required:

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

$1$

$2$

$N^3$

$4$

Record the redemption of gift cards in $2025$ by preparing a summary entry as of March $31,2025.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$March $31,],[2025]],$Deferred Revenue,,$]]$