Recording Journal Entries Vail Resorts, Inc., owns and operates over 30 premier ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, the northeast, mid-Atlantic states, and Austra- lia). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski and snowboard lessons, and ski equipment. The following hypothetical December trans- actions are typical of those that occur at the resorts. a. Borrowed $2,300,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $98,000 cash on December 31. c. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops. d. Incurred $62,000 in routine repairs expense for the chairlifts; paid cash. e Sold $390,000 of January through March season passes and received cash. E3-7 LO3-4 Vail Resorts, Inc. CHAPTER 3 Operating Decisions and the Accounting System Sold a pair of skis from inventory in a ski shop to a customer for $700 on account. g. The cost of the skis sold in () was $400. h. Sold daily lift passes in December for a total of $320,000 in cash. 1. Received a $3,500 deposit on a townhouse to be rented for five days in January. j. Paid half the charges incurred on account in (c). k. Received $400 on account from the customer in (). 1. 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.) 2. Assume that Vail Resorts had a $1,000 balance in Accounts Receivable at the beginning of Decem- ber. Determine the ending balance in the Accounts Receivable account at the end of December based on transactions (a) through (/). Show your work in T-account format