Apple Inc. is one of the top online music retailers through its iTunes music store. Assume Apple
Question:
Apple Inc. is one of the top online music retailers through its iTunes music store. Assume Apple sells $21 million in iTunes gift cards in November, and customers redeem $14 million of the gift cards in December.
Required:
1. Record the advance collection of $21 million for iTunes gift cards in November.
2. Record the revenue recognized when $14 million in gift cards is redeemed in December.
3. What is the ending balance in the Deferred Revenue account?
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