Vail Resorts, Inc., owns and operates five premier year-round ski resort properties (Vail Mountain, Beaver Creek Resort, Breckenridge Mountain, and Keystone Resort, all located in the Colorado Rocky Mountains, and Heavenly Valley Mountain Resort, located in the Lake Tahoe area of California/Nevada). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts.

Borrowed $4,100,000 from the bank on December 1, signing a note payable due in six months.

Purchased a new snowplow for $86,000 cash on December 31.

Purchased ski equipment inventory for $41,000 on account to sell in the ski shops.

Incurred $62,000 in routine maintenance expenses for the chairlifts; paid cash.

Sold $363,000 of January through March season passes and received cash.

Sold a pair of skis from a ski shop to a customer for $690 on account. (The cost of the skis was $440). Hint: Record two entries.

Sold daily lift passes in December for a total of $262,000 in cash.

Received a $3,000 deposit on a townhouse to be rented for five days in January.

Paid half the charges incurred on account in (c).

Received $320 on account from the customer in (f).

Paid $249,000 in wages to employees for the month of December.

1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)