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 (ift passes) for $115,000. The gift cards are redeemable for one day of skilng during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $21,500 in December, $31,500 in January, $26,500 in February, and $16,500 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 8-3 (Algo) Record notes payable (LO8-2) On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions (i.e. 5.5 million should be entered as 5,500,000).) Journal entry worksheet During January, Luxury Cruise Lines incurs employee salaries of $2.2 million. Withholdings in January are $168,300 for the employee portion of FICA, and $467,500 for employee federal and state. The company incurs an additional $136,400 for federal and state unemployment tax and $66,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shilald. Required: 1. to 3. 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. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) Journal entry worksheet 3 Record the employer-provided fringe benefis. 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 (ift passes) for $115,000. 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 $21,500 in December, $31,500 in January, $26,500 in February, and $16,500 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 8-3 (Algo) Record notes payable (LO8-2) On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions (i.e. 5.5 million should be entered as 5,500,000).) Journal entry worksheet Record the repayment of the note and payment of interest at maturity. Note: Enter debits before credits. Exercise 8-3 (Algo) Record notes payable (LO8-2) On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan Is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31 . Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If fio entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions (i.e. 5.5 million should be entered as 5,500,000).) Journal entry worksheet 3 Note: Enter aebits Derore creats: 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 $115,000. 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 $21,500 in December, $31,500 in January, $26,500 in February, and $16,500 in Mareh. 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 4 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) 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 $115,000. 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 $21,500 in December, $31,500 in January, $26,500 in February, and $16,500 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 1 Record the expiration (breakage) of gift cards on April 1, 2025. Note: Enter debits before credits. During January, Luxury Cruise Lines incurs employee salaries of $2.2 million. Withholdings in January are $168,300 for the employee portion of FICA, and $467,500 for employee federal and state. The company incurs an additional $136,400 for federal and state unemployment tax and $66,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shiela). Required: 1. to 3. 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. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) Journal entry worksheet 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. During January, Luxury Cruise Lines incurs employee salaries of $2.2 million. Withholdings in January are $168,300 for the employee portion of FICA, and $467,500 for employee federal and state. The company incurs an additional $136,400 for federal and state unemployment tax and $66,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shie/d). Required: 1. to 3. 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. Enter your answers in dollars, not in millions (li.e. 5 million should be entered as 5,000,000).) Journal entry worksheet 1 Note: Enter debits pefore crears