Ski West, Incorporated, operates a downhill ski area near Lake Tahoe, California. An all$-$day adult lift ticket can be purchased for $$75.$ Adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from December $1$ through April $30.$ Ski West expects its season pass holders to use their passes equally throughout the season. The company$$s fiscal year ends on December $31.$ 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? Journal entry worksheet

Note: Enter debits before credits.

On November $6,2024,$ Jake Lawson purchased a season pass for $$395.$

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?