/22 E View Policies Current Attempt in Progress During February, the last month of the fiscal year, Be My Valentine Ltd. sells $21,400 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $4,600 of these cards is redeemed for merchandise with a cost of $2,500. In April, further $13,800 of these cards is redeemed for merchandise with a cost of $4,600. The company uses a perpetual inventory system. Also in February, Be My Valentine had $1,000 of unused gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used. Prepare journal entries to record the transactions for February, March, and April. (Enter debit entries first followed by credit entries Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg. 125) Date Account Titles and Explanation Debit Credit Prepare journal entries to record the transactions for February, March, and April. (Enter debit entries first followed by credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. Round onswers to O decimal places, eg. 125) Date Account Titles and Explanation (Cash received for gift cards) (To record breakage) C . D 9 Debit Credit 21C ENG 253 PM 2012-06-05 Question 1 of 6 < > (To record breakage) (Gift cards redeemed for merchandise) To record cost of merchandise) (To record breakage) ./22 LEE 1 21C 100 ENG 252PM 2012-06-05 (To record breakage) (Gift cards redeemed for merchandise) (To record cost of merchandise) c -122 @ 1 21C 400 ENG 254 PM 2012-06-05 How much income (if any) was earned in each of these months? (Round answers to O decimal places, eg 125J February $ Sales revenue Cost of goods sold Gross margin eTextbook and Media List of Accounts March $ April $ $ $ What liability (if any) would appear on the company's statement of financial position at the end of each of these months? (Round answers to O decimal places, eg. 125) $ Balance, February 28 $ Balance, March 31 $ Balance, April 30 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer 2:54 PM