1. Coral Boutique sold $1,400 of gift cards, and received cash on May 25. On June 29, customers redeemed $800 of the gift cards, purchasing merchandise that cost Coral $425. The store uses a perpetual inventory system. Prepare the journal entries to record the activities related to the gift cards. (Record debits first, then credits. Exclude explanations from any journal entries.) Prepare the journal entry to record the sale of gift cards on May 25. Account May 25 1,400 Cash Unearned Revenue - Gift Cards 1,400 Prepare the journal entry to record the gift cards redemption on June 29. Do not record the expense related to the sale. We will do that in the following step. Account June 29 (1) (2) (3) (4) Prepare the journal entry to record the expenses related to gift cards redemption on June 29. Account June 29 (5) (6) (7) (8)