lacured So8 in utilit at peclar s68 in utility usage during the year: paid S55 in cash and owed the rest on 597 in dividends at the end of the year to be paid the following year. th tansactions, prepare journal entries. Determine whether the accounting equation remains n Aulance and da Recording Journal Entries entry for ugh Resorts, Inc. owns and operates five premier year-round ski resort properties (Vail Mountain E3-8 LO3-4 er Creek Resort, Breckenridge Mountain, and Keystone Resort, all located in the Colorado Rocky tains, and Heavenly Valley Mountain Resort, located in the Lake Tahoe area of California/Nevada). Mountal me company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells datickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts. , Rorrowed $2.300,000 from the bank on December 1, signing a note payable due in six months. a Purchased a new snowplow for $98,000 cash on December 3L dech Purchased ski equipment inventory for $35,000 on account to sell in the ski shops. Incurred $62.000 in routine maintenance expenses for the chairlifts; paid cash.-A) Sold $390,000 of January through March season passes and received cash. Sold a pair of skis from a ski shop to a customer for S800 on account. (The cost of the skis was $500)-Hco Hint: Record two entries.) Sold daily lift passes in December for a total of $320,000 in cash t. Received a $3,500 deposit on a townhouse to be rented for five days in January . Paid half the charges incurred on account in (c). / Received $400 on account from the customer in (. Paid $245,000 in wages to employees for the month of December. Required l. Prepare journal entries for each transaction. (Remember to check that debits equal credits and that the accounting equation is in balance after each transaction.) 2 Assume that Vail Resorts had a $1,000 balance in Accounts Receivable at the beginning of Decem- Determine the ending balance in the Accounts Receivable account at the end of December on transactions (a) through (k). Show your work in T-account format. Recording Journal Entries E3-9 Air Transnort Service. Inc, has been in operation for three years. The following transactions LO3-4