Vail is one of the largest ski resorts in the United States. Suppose that on October $1,2024,$ Vail sells gift cards $($lift passes$)$ for $$100,000.$

The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April $1,2025.$

Customers redeem gift cards of $$20,000$ in December, $$30,000$ in January, $$25,000$ in February, and $$15,000$ in March.

Required:

to $4.$ Record the necessary entries in the Journal Entry Worksheet below. $($If no entry is required for a particular transaction$/$event$,$

select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

$3$

$4$

Record the redemption of gift cards in $2025$ by preparing a summary entry as

of March $31,2025.$

Note: Enter debits before credits.