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 $1,2025.$