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Homework Answers
1.
Revenue can be recognized by Ski West when it provides the services to its customers. Because Ski West expects its season pass holders to use their passes equally throughout the season, it should recognize revenue from the sale of its season passes over the ski season.
2.
Following journal entries will be prepared on November 6 and December 31:
| Date | Account title and explanations | Debit | Credit |
| 6-Nov | Cash | $470 | |
| Unearned revenue | $470 | ||
| 31-Dec | Unearned revenue ($470 x 1/5) | $94 | |
| Service revenue | $94 |
3.
In the 2021 income statement, Ski West should include $94 as revenue and in the balance sheet for 2021, Ski West should include unearned revenue (current liability) of $376.
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Exercise 6-2 (Algo) Service revenue [LO6-3] Ski West, Inc., operates a downhill ski area near Lake...
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