5 points Problem 8-6B Record deferred revenues and sales taxes (LO8-4) Logan's Roadhouse opened a new restaurant in November. During as first two months of operation, the restaurant sold gift cards in various amounts totaling $1,900. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $636 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan's will remit sales taxes in January Required: 1. & 2. Record (in summary form) the $1,900 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $636 in gift cards redeemed. (Hint The $636 includes a 6% sales tax of $36) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction Answer is not complete. General Journal 1 Cash Sales Revenue 2. 2 Sales Tax Payable Sales Revenue 00 00 Debit Credit 1,900 1,900 O 30 600 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) to be reported on the December 31 balance sheet Deferred revenue Return to que