Vail Resorts, Incorporated, owns and operates over 30 premier ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, the northeast, mid-Atlantic states, and Australia). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski and snowboard lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts. a. Borrowed $2,300,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $98,000 cash on December 31. c. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops. d. Incurred $62,000 in routine repairs expense 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 inventory in a ski shop to a customer for $700 on account. g. The cost of the skis sold in (f) was $400. h. Sold daily lift passes in December for a total of $320,000 in cash. i. Received a $3,500 deposit on a townhouse to be rented for five days in January. j. Paid half the charges incurred on account in (c). k. Received $400 on account from the customer in (f). I. Paid $245,000 in wages to employees for the month of December. Required: 1. Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Vail Resorts, Incorporated, owns and operates over 30 premier ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, the northeast, mid-Atlantic states, and Australia). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift tickets, ski and snowboard lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts. a. Borrowed $2,300,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $98,000 cash on December 31. c. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops. d. Incurred $62,000 in routine repairs expense 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 inventory in a ski shop to a customer for $700 on account. g. The cost of the skis sold in (f) was $400. h. Sold daily lift passes in December for a total of $320,000 in cash. i. Received a $3,500 deposit on a townhouse to be rented for five days in January. j. Paid half the charges incurred on account in (c). k. Received $400 on account from the customer in (f). I. Paid $245,000 in wages to employees for the month of December. Required: 1. Prepare journal entries for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Business Its Legal Ethical & Global Environment
10th Edition
ISBN:9781305224414
Author:JENNINGS
Publisher:JENNINGS
Chapter6: Administrative Law
Section: Chapter Questions
Problem 6QAP
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Required information
[The following information applies to the questions displayed below.]
Vail Resorts, Incorporated, owns and operates over 30 premier ski resort properties (located in the Colorado
Rocky Mountains, the Lake Tahoe area, the upper midwest, the northeast, mid-Atlantic states, and Australia).
The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift
tickets, ski and snowboard lessons, and ski equipment. The following hypothetical December transactions
are typical of those that occur at the resorts.
a. Borrowed $2,300,000 from the bank on December 1, signing a note payable due in six months.
b. Purchased a new snowplow for $98,000 cash on December 31.
c. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops.
d. Incurred $62,000 in routine repairs expense 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 inventory in a ski shop to a customer for $700 on account.
g. The cost of the skis sold in (f) was $400.
h. Sold daily lift passes in December for a total of $320,000 in cash.
i. Received a $3,500 deposit on a townhouse to be rented for five days in January.
j. Paid half the charges incurred on account in (c).
k. Received $400 on account from the customer in (f).
I. Paid $245,000 in wages to employees for the month of December.
Required:
1. Prepare journal entries for each transaction.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1 2
3
45678
Borrowed $2,300,000 from the bank on December 1,
signing a note payable due in six months.
Note: Enter debits before credits.
Transaction
a.
12
>
General Journal
Debit
Credit
Record entry
View general journal
Clear entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8bb08e6f-01bd-4ae6-8222-f1b36c9a3f86%2Fd5a14b21-baf2-433b-84e9-78d0beedafc6%2Fdg2cu6_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Vail Resorts, Incorporated, owns and operates over 30 premier ski resort properties (located in the Colorado
Rocky Mountains, the Lake Tahoe area, the upper midwest, the northeast, mid-Atlantic states, and Australia).
The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sells lift
tickets, ski and snowboard lessons, and ski equipment. The following hypothetical December transactions
are typical of those that occur at the resorts.
a. Borrowed $2,300,000 from the bank on December 1, signing a note payable due in six months.
b. Purchased a new snowplow for $98,000 cash on December 31.
c. Purchased ski equipment inventory for $35,000 on account to sell in the ski shops.
d. Incurred $62,000 in routine repairs expense 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 inventory in a ski shop to a customer for $700 on account.
g. The cost of the skis sold in (f) was $400.
h. Sold daily lift passes in December for a total of $320,000 in cash.
i. Received a $3,500 deposit on a townhouse to be rented for five days in January.
j. Paid half the charges incurred on account in (c).
k. Received $400 on account from the customer in (f).
I. Paid $245,000 in wages to employees for the month of December.
Required:
1. Prepare journal entries for each transaction.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1 2
3
45678
Borrowed $2,300,000 from the bank on December 1,
signing a note payable due in six months.
Note: Enter debits before credits.
Transaction
a.
12
>
General Journal
Debit
Credit
Record entry
View general journal
Clear entry
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