l remains Recording Journal Entries orts, Inc., owns and operates five premier year-round ski resort properties (Vail Mountain, er Creek Resort, Breckenridge Mountain, and Keystone Resort, all located in the Colorado Rocky and Heavenly Valley Mountain Resort, located in the Lake Tahoe area of California/Nevada). ny also owns a collection of luxury hotels, resorts, and lodging properties. The company sells ski lessons, and ski equipment. The following hypothetical December transactions are typical ail Resor Beaver of those that occur at the resorts. a. Borrowed $2,300,000 from the bank on b. Purchased a new snowplow for $98,000 cash on December 31 December 1, signing a note payable due in six months. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops d. Incurred $62,000 in routine maintenance expenses for the chairlifts; paid cash. e. Sold $390,000 of January through March season passes and received cash. f Sold a pair of skis from a ski shop to a customer for $800 on account. (The cost of the skis was S500), C. (Hint: Record two entries.) g. Sold daily lift passes in December for a total of $320,000 in cash. h. Received a $3,500 deposit on a townhouse to be rented for five days in January. i. Paid half the charges incurred on account in (c) Received $400 on account from the customer in k. Paid $245,000 in wages to employees for the month of December. Required 1. Prepare journal entries for each transaction. (Remember to check that debits equal credits and that the accounting equation is in balance after each transaction.) based on transactions (a) through (K). Show your work in T-account format. ber. 2. Assume that Vail Resorts had a $1,000 balance in Accounts Receivable at the beginning of Decem- unt at the end of December Receivable acco Determine the ending balance in the Accounts