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Alpine West Inc. operates a downhill ski area near Lake Tahoe, California. An all-day adult ticket can be purchased for $55. Adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from December 1 through April 30. The season pass is nontransferable, and the $450 price is nonrefundable. Alpine expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31.
On November 6,2009 Jake Lawson purchased a season ticket.
1- When should Alpine West recognize revenue from the sale of its season passes?
2- Prepare the appropriate journal entries that Alpine would record on November 6 December 31
3- What will be included in the 2009 income statement and 2009 balance sheet to the sale of the season pass to Jake Lawson?
One year from the issue date (July 1, 2012), the corporation exercised its call privilege and retired the bonds for $395,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs.
All the debentures were fully subscribed and allotted. Application and Allotment money were received on 8th and 12th July1990 respectively. You are required to make entries in thebooks of the company.
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Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account
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