please complete the required 2 and 3
Exercise 6-2 (Algo) Service revenue (LO6-3] Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $90. Adult customers also can purchase a season pass that entities the pass holder to ski any day during the season, which typically runs from December 1 through April 30. Ski West expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31. On November 6, 2021, Jake Lawson purchased a season pass for $470. Required: 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31 3. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 When should Ski West recognize revenue from the sale of its season passes? When should Ski West recognize revenue from the sale of its season passes? Equally throughout the season Required: 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. 3. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Debit Credit 470 470 November 06, 202 Cash Deferred revenue Cash Deferred revenue Required 1 Required 2 Required 3 Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet ances Record the recognition of revenue earned in December Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal Check my work Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $90. Adult customers also can purchase a season pass that entities the pass holder to ski any day during the season, which typically runs from December 1 through April 30. Ski West expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31. On November 6, 2021, Jake Lawson purchased a season pass for $470. Required: 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. 3. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Complete this question by entering your answers in the tabs below. ances Required 1 Required 2 Required 3 What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Amount Amount included in remaining balance in Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $ customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically December 1 through April 30. Ski West expects its season pass holders to use their passes equally throughout the seaso company's fiscal year ends on December 31. On November 6, 2021, Jake Lawson purchased a season pass for $470. Required: SOR 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. 3. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass Lawson? Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 Required 3 What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Amount included in remaining balance in Amount deferred revenue expenses revenue
