Ski West, Incorporated, operates a downhill ski area near Lake Tahoe, California. An all day adult ift ticket can be purchased for $70. Adult customers also can purchase a season pass that entitles the pass holder to skl 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 $380. Required: 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. 3. 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? Complete this question by entering your answers in the tabs below. When should Ska West recognize revenue from the sale of its season passes? Complete this question by entering your answers in the tabs below. 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 fieid Journal entry worksheet Record the recognition of revenue earned in December. Note: Enter debits before credits. Ski West, Incorporated, operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $70 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 $380. Required: 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31 3. 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? Complete this question by entering your answers in the tabs below. What will be included in the Skl West 2024 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Lawson? Complete this question by entering your answers in the tabs below. Prepare the appropriate foumal entries that Ski West would record on November 6 and December 31. Note: If no entry is required for a transactionvevent, select "No joumal entry required" in the first account fleld. Journal entry worksheet 2
