17) 17) Peterson Photoshop sold $1,000 in gift cards on a special promotion on October 15, 2018, and sold $1,500 in gift cards on another special promotion on November 15, 2018. Or the cards sold in October, $100 were redeemed in October, $250 in November, and $300 in December. Of the cards sold in November, $150 were redeemed in November and $350 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2018, Peterson would show an deferred revenue account for the gift cards with a balance of: A) $1,000. B) $1,500. C) SO. D) $1,350. 18) 18) When a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes: A) A debit to a revenue and a credit to an asset account. B) A debit to a revenue and a credit to a liability account. C) A debit to a liability and a credit to a revenue account. D) A debit to an asset and a credit to a revenue account 19) 19) In May of 2018, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2018, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable. The additional penalties were estimated to be $770,000 but could be as high as $1,170,000. After the year-end, but before the 2018 financial statements were issued, Raymond accepted an EPA settlement offer of $900,000. Raymond should have reported an accrued liability on its December 31, 2018, balance sheet of: A) $770,000. B) $1,170,000. C) S970,000. D) $900,000