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Vail is one of the largest ski resorts in the United States. Suppose that on October 1 , 2 0 2 4 , Vail sells

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 $115,000. 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 $21,500 in December, $31,500 in January, $26,500 in February, and $16,500 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.)
Journal Entry Worksheet
1 Recor the sales of gift cards on October 1,2024.
2 Record the redemption of gift cards as of December 31,2024.
3 Record the redemption of gift cards in 2025 by preparing a summary entry as of March 31,2025.
4 record the expiration (breakage) of gift cards on April 1,2025.
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