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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.

1. Borrowed $3,400,000 from the bank on December 1, signing a note payable due in six months.
2. Purchased a new snowplow for $84,000 cash on December 31.
3. Purchased ski equipment inventory for $39,000 on account to sell in the ski shops.
4. Incurred $60,000 in routine maintenance expenses for the chairlifts; paid cash.
5. Sold $364,000 of January through March season passes and received cash.
6. Sold a pair of skis from a ski shop to a customer for $670 on account. (The cost of the skis was $370). Hint: Record two entries.
7. Sold daily lift passes in December for a total of $268,000 in cash.
8. Received a $4,000 deposit on a townhouse to be rented for five days in January.
9. Paid half the charges incurred on account in (c).
10. Received $340 on account from the customer in (f).
11. Paid $259,000 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.) View transaction list Journal entry worksheet Record borrowing from bank of $3,400,000 by signing a short term note. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal View transaction list X: 1 12 Record borrowing from bank of $3,400,000 by signing a short term note. bte. 2 Record purchase of snowplow for $84,000. 3 Record purchase of ski equipment inventory on account for $39,000 i 4 Cre Record payment of routine maintenance expenses on chairlifts of $60,000. 5 Record sale of season passes for cash of $364,000. 6 ecord sale of pair of skis to a customer for $670 on account. (Cost of skis is $370) Note : journal entry has been entered Record entry Clear entry View gel View transaction list X 7 Record cost of sale for pair of skis sold to a customer for $670. (Cost of skis is $370) 12 8 ote. Record sale of daily lift passes in December for $268,000 in cash. 9 Record $4,000 deposit for townhouse to be rented for 5 days in January Credit 10 Record the payment of half the charges incurred on account with purchase of inventory for $39,000. 11 Record the receipt of $340 on account from a customer who bought skis. 12 Record payment of $259,000 in wages for December. Note : journal entry has been entered = Record entry Clear entry View general journal E3-8 Part 2 2. Assume that Vail Resorts had a $1,440 balance in Accounts Receivable at the beginning of December. Determine the ending balance in the Accounts Receivable account at the end of December based on transactions (a) through (k). Ending balance in Accounts receivable