7 3.75 points Skipped eBook CircuitTown commenced a gift card program in January 2021 and sold...

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7 3.75 points Skipped eBook CircuitTown commenced a gift card program in January 2021 and sold $12,200 of gift cards in January, $16,400 in February, and $20,400 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,500 for the January gift cards sold, $5,400 for the February cards, and $6,900 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2021? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2021? 4. What liability for deferred revenue associated with gift card sales would Circuit Town show as of December 31, 2021? Complete this question by entering your answers in the tabs below. Hint Print Req 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the January gift card sales. Note: Enter debits before credits Transaction General Journal Debit Credit 7 3.75 points Skipped eBook CircuitTown commenced a gift card program in January 2021 and sold $12,200 of gift cards in January, $16,400 in February, and $20,400 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,500 for the January gift cards sold, $5,400 for the February cards, and $6,900 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2021? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2021? 4. What liability for deferred revenue associated with gift card sales would Circuit Town show as of December 31, 2021? Complete this question by entering your answers in the tabs below. Hint Print Req 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the January gift card sales. Note: Enter debits before credits Transaction General Journal Debit Credit