5

Apple Incorporated is one of the top online music retailers through its iTunes music store. Assume Apple sells $21 million in iTunes gifi cards in November, and customers redeem $14 million of the gift cards in December. Required: 1. \& 2. Record the necessary entries in the Journal Entry Worksheet below. 3. What is the ending balance in the Deferred Revenue account? Complete this question by entering your answers in the tabs below. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 million should be entered as 5,500,000)