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Please answer all 4 journal entries. Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vail
Please answer all 4 journal entries.
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 $109,000. 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 $20,900 in December, $30,900 in January, $25,900 in February, and $15,900 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 as of December 31, 2024. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2024 Record entry Clear entry View general journal Journal entry worksheet 1 2 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. General Journal Debit Credit Date March 31, 2025 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the expiration (breakage) of gift cards on April 1, 2025. Note: Enter debits before credits. General Journal Debit Credit Date April 01, 2025 Record entry Clear entry View general Journal Step by Step Solution
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