Ski West, Incorporated, operates a downhill ski area near Lake Tahoe, California. An all$-$day adult lift ticket can be purchased for $$95.$ Adult customers also can purchase a season pass that entitles 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 $6,2024,$ Jake Lawson purchased a season pass for $$495.$

Required:

When should Ski West recognize revenue from the sale of its season passes?

Prepare the appropriate journal entries that Ski West would record on November $6$ and December $31.$

What will be included in the Ski West $2024$ income statement and balance sheet related to the sale of the season pass to Jake Lawson?

Required $2$

Prepare the appropriate journal entries that Ski West would record on November $6$ and December $31.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

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$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[i,1,\backslash$table$[[$November $06,],[2024]],$Cash,$495,],[,,$Deferred revenue,,$495],[0,2,\backslash$table$[[$December $31,],[2024]],$Deferred revenue,,$],[,,$Service revenue,,$]]$