#$3-7$ Circultown commenced a glft card program in January $2024$ and sold $$13,550$ of glft cards in January, $$15,200$ in February, and

$$21,750$ in March $2024$ before discontinuing further gift card sales. During $2024,$ glft card redemptions were $$8,300$ for the January

gift cards sold, $$6,000$ for the February cards, and $$6,000$ for the March cards. CircultTown considers glft cards to be "broken" $($not

redeemable$)10$ months after sale.

Requlred:

How much revenue will CircultTown recognize with respect to January gift card sales during $2024?$

Prepare journal entrles to record the sale of January glft cards, redemption of gift cards $($Ignore sales tax$),$ and breakage

$($explration$)$ of glft cards.

How much revenue will CircuitTown recognize with respect to March glft card sales during $2024?$

What llability for deferred revenue assoclated with glft card sales would CircultTown show as of December $31,2024?$

Complete this question by entering your answers in the tabs below.

Req $1$ and $3$

and $4$

Prepare journal entries to record the sale of January gift cards, redemption of gift cards $($ignore sales tax$),$ and breakage $($expiration$)$ of

gift cards.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the January gift card sales.

Note: Enter debits before credits.CircuitTown commenced a gift card program in January $2024$ and sold $$13,550$ of gift cards in January, $$15,200$ in February, and $$21,750$ in March $2024$ before discontinuing further gift card sales. During $2024,$ gift card redemptions were $$8,300$ for the January gift cards sold, $$6,000$ for the February cards, and $$6,000$ for the March cards. CircuitTown considers gift cards to be $$broken$($not redeemable$)10$ months after sale.

Required:

How much revenue will CircuitTown recognize with respect to January gift card sales during $2024?$

Prepare journal entries to record the sale of January gift cards, redemption of gift cards $($ignore sales tax$),$ and breakage $($expiration$)$ of gift cards.

How much revenue will CircuitTown recognize with respect to March gift card sales during $2024?$

What liability for deferred revenue associated with gift card sales would CircuitTown show as of December $31,2024?$