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 $2,900,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $92,000 cash on December 31. c. Purchased ski equipment inventory for $31,000 on account to sell in the ski shops. d. Incurred $53,000 in routine repairs expense for the chairlifts; paid cash. e. Sold $375,000 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 $620 on account. g. The cost of the skis sold in (f) was $280. h. Sold daily lift passes in December for a total of $278,000 in cash. i. Received a $2,200 deposit on a townhouse to be rented for five days in January. j. Paid half the charges incurred on account in (c). k. Received $390 on account from the customer in (^). I. Paid $250,000 in wages to employees for the month of December. Journal entry worksheet 1 2 3 4 5 6 7 8 12 Borrowed $2,900,000 from the bank on December 1, signing a note payable due in six months. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal
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 $2,900,000 from the bank on December 1, signing a note payable due in six months. b. Purchased a new snowplow for $92,000 cash on December 31. c. Purchased ski equipment inventory for $31,000 on account to sell in the ski shops. d. Incurred $53,000 in routine repairs expense for the chairlifts; paid cash. e. Sold $375,000 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 $620 on account. g. The cost of the skis sold in (f) was $280. h. Sold daily lift passes in December for a total of $278,000 in cash. i. Received a $2,200 deposit on a townhouse to be rented for five days in January. j. Paid half the charges incurred on account in (c). k. Received $390 on account from the customer in (^). I. Paid $250,000 in wages to employees for the month of December. Journal entry worksheet 1 2 3 4 5 6 7 8 12 Borrowed $2,900,000 from the bank on December 1, signing a note payable due in six months. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Journal Entry assignment
Key Bank:
1.No Journal entry required
2.Accounts payable
3.Accounts receivable
4.Additional paid-in-capital
5.Advertising expense
6.Cash
7.Commission expense
8.Common stock
9.Consulting expense
10.Cost of goods sold
11.Equipment
12.Fuel expense
13.Games revenue
14.Insurance expense
15.Interest expense
16.Interest revenue
17.Inventory
18.Land
19.Lift revenue
20.Miscellaneous expenses
21.Notes payable (long term)
22.Other assets and intangibles
23.Prepaid expenses
24.Rent expense
25.Rent revenue
26.Repairs expense
27.Retained earnings
28.Service Revenue
29.Short-Term note payable
30.Ski shop sales revenue
31.Supplies
32.Supplies expense
33.Unearned pass revenue
34.Utilities expense
35.Wages expense
36.Wages payable
![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 $2,900,000 from the bank on December 1, signing a note payable due in six months.
b. Purchased a new snowplow for $92,000 cash on December 31.
c. Purchased ski equipment inventory for $31,000 on account to sell in the ski shops.
d. Incurred $53,000 in routine repairs expense for the chairlifts; paid cash.
e. Sold $375,000 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 $620 on account.
g. The cost of the skis sold in (f) was $280.
h. Sold daily lift passes in December for a total of $278,000 in cash.
i. Received a $2,200 deposit on a townhouse to be rented for five days in January.
j. Paid half the charges incurred on account in (c).
k. Received $390 on account from the customer in (^).
I. Paid $250,000 in wages to employees for the month of December.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fadb55f1b-cf86-4cec-a03b-a0b61ab59a6a%2F86e731fd-8ff8-4f27-ac34-0f7f5a8a1677%2Fnkwn5e_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 $2,900,000 from the bank on December 1, signing a note payable due in six months.
b. Purchased a new snowplow for $92,000 cash on December 31.
c. Purchased ski equipment inventory for $31,000 on account to sell in the ski shops.
d. Incurred $53,000 in routine repairs expense for the chairlifts; paid cash.
e. Sold $375,000 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 $620 on account.
g. The cost of the skis sold in (f) was $280.
h. Sold daily lift passes in December for a total of $278,000 in cash.
i. Received a $2,200 deposit on a townhouse to be rented for five days in January.
j. Paid half the charges incurred on account in (c).
k. Received $390 on account from the customer in (^).
I. Paid $250,000 in wages to employees for the month of December.
Transcribed Image Text:Journal entry worksheet
1
2
3
4
5
6
7
8
12
Borrowed $2,900,000 from the bank on December 1, signing a note payable
due in six months.
Note: Enter debits before credits.
Transaction
a.
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education