Question

nation [The following information applies to the questions displayed below.] Vail Resorts, Inc., owns and operates 11 premier year-round ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, Vermont, and Australia). 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. a. Borrowed $3,200,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $81,000 cash on December 31. c. Purchased ski equipment inventory for $34,000 on account to sell in the ski shops. d. Incurred $66,000 in routine repairs expense for the chairlifts; paid cash. e. Sold $376,000 of January through March season passes and received cash. f. Sold a pair of skis from inventory in a ski shop to a customer for $550 on account. (The cost of the skis was $260). (Hint: Record two entries.) g. Sold daily lift passes in December for a total of $279,000 in cash. h. Received a $4,100 deposit on a townhouse to be rented for five days in January. i. Paid half the charges incurred on account in (C). j. Received $470 on account from the customer in (f). k. Paid $256,000 in wages to employees for the month of December.

this one all through 12

Answer 1

2 Accounts Receivave $2070 Cash 470 Begg balance 550 sales revenu $ 2150 2620 ar с $ 2620 8 $2150 To balance Cend bal)

Journal entries Accounts title and explanation Debut ($) رد اليه ) 32,00,000 a) Cash Notes payable 32,00,000 Cto word cash borrowed from bank ) 81,000 b) Equipment 81,000 Cash ( to reword purchase of snowplow) 34,000 34,000 Inventory Accounts payable (to record purchase of in ventory on afc) 66,000 d 66,000 Repair Expense Cash (to record sepayment of repair expenses Cash 3,76,000 Unearned revenue (to record sale of reason passes) 3,16,000 e) 550 550 f Accounts receivable sales revenue (to record cudit sales) 260 260 Cost of goods sold Inventory (to record cost of goods sold)

2,79,000 g) Cash sales revenue 2,79,000 ( (to ruord sales) 4100 h uloo Cash Unearned revenue-deposit (to ruord customer deposus] 17,000 Accounts payable 17,000 Cash (to reword cash paid for A/P) uro Cash Accounts receivable 470 (to recad collections from customers)

256000 (at Wages expense Cash 256000 (to read payment of wages)