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 $$110,000.$ The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April $1,2025.$ Customers redeem gift cards of $$21,000$ in December, $$31,000$ in January, $$26,000$ in February, and $$16,000$ in March.

Required:

$1.$ 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.$)$