! Required information [The following information applies to the questions displayed below.] Vail Resorts, Inc., owns and operates 11 premier year-round ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, Vermont, and Australia). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts. a. Borrowed $2,700,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $93,000 cash on December 31. c. Purchased ski equipment inventory for $32,000 on account to sell in the ski shops. d. Incurred $67,000 in routine repairs expense for the chairlifts; paid cash. e. Sold $374,000 of January through March season passes and received cash. f. Sold a pair of skis from inventory in a ski shop to a customer for $610 on account. (The cost of the skis was $310). (Hint: Record two entries.) g. Sold daily lift passes in December for a total of $278,000 in cash. h. Received a $4,200 deposit on a townhouse to be rented for five days in January. i. Paid half the charges incurred on account in (c). j. Received $470 on account from the customer in (f). k. Paid $255,000 in wages to employees for the month of December. Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in No Transaction General Journal Debit Credit 1 a. Cash 2,700,000 Short-term note payable 2,700,000 2 b. 93,000 Equipment Cash 93,000 3 C. 32,000 Inventory Accounts payable 32,000 4 d. 67,000 Repairs expense Cash 67,000 5 e. 374,000 Cash Unearned pass revenue 374,000 6 f(1) 610 Accounts receivable Ski shop sales revenue 610 7 f(2). 310 Cost of goods sold Inventory 310 8 g. 278,000 Cash Lift revenue 278,000 9 h. Cash 4,200 Unearned rent revenue 4,200 Cash 67,000 5 e. Cash 374,000 Unearned pass revenue 374,000 6 f(1). Accounts receivable 610 Ski shop sales revenue 610 7 f(2). 310 Cost of goods sold Inventory 310 8 g. Cash 278,000 Lift revenue 278,000 9 h. Cash 4,200 Unearned rent revenue 4,200 10 i. Accounts payable 16,000 Cash 16,000 11 j. Cash 470