Vail Resorts, Inc., owns and operates five premier year-round ski resort properties (Vail Mountain, Mountains, and Heavenly Valley Mountain Resort, located in the Lake Tahoe area of California/Nevada). equal credits after each entry. Recording Journal Entries E11-8 LO11-4 of those that occur at the resorts. loft tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical a. Borrowed $2,300,000 from the bank on December 1, signing a note payable duc in six months b. Purchased a new snowplow for $98,000 cash on December 31. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops. d. Incurred $62,000 in routine maintenance expenses for the chairlifts; paid cash. e. Sold $390,000 of January through March season passes and received cash. F. Sold a pair of skis from a ski shop to a customer for $800 on account. (The cost of the skis was $500). (Hint: Record two entries.) & Sold daily lift passes in December for a total of $320,000 in cash. h. Received a $3,500 deposit on a townhouse to be rented for five days in January i. Paid half the charges incurred on account in (e). j. Received $400 on account from the customer in (/). k. Paid $245,000 in wages to employees for the month of December Required: 1. Prepare journal entries for each transaction. (Remember to check that debits equal credits and that the accounting equation is in balance after each transaction.) 2. Assume that Vail Resorts had a $1,000 balance in Accounts Receivable at the beginning of Decem- ber. Determine the ending balance in the Accounts Receivable account at the end of December based on transactions (a) through (k). Show your work in T-account format