1. Question Content Area

   Whitefish Ski Resorts collects resort fees that allow local residents to access the resort throughout the entire year. Residents are required to pay for the entire year at the time they sign up. On August 1, 2020, the Whitefish Ski Resort collected $450,000 in resort fees from local resident that covers the one-year period from August 1, 2020 to July 31, 2021. If the Whitefish Ski Resort has a December 31 year-end, the adjusting journal entry at December 31, 2020 would include:

   dr. Resort Fee Revenue $262,500 dr. Resort Fee Revenue $187,500 dr. Unearned Resort Fees $262,500 dr. Unearned Resort Fees $187,500