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Question 1 of 6 /22 11 View Policies Current Attempt in Progress During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22.600 of gift cards from experience management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, 54,600 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 Ako in February, Be My Valentine had si boo of unused gift cards that were over one year old and were not expected to be used. The amount wat 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 Apeit. (Enter debit entries first followed by Credit entries Condit 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 for the amounts. Round answers to decimal places, eg. 125) Date Account Titles and Explanation Debit Credit 22600 Feb v Cash 221 Gift Card Liability (Cash received for gift cards) Gift Card Liability 1808 TI Sales Revenue (To record breakage) Gift Card Liability Marv 4600 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold 2500 21 Inventory (To record cost of merchandise) Gift Cardsbility Sales Revenue (To record breakage) Gift Card Listy Apr 13800 28 atv -722 Question 1 of 6 UTILITY (To record cost of merchandise) Gift Card Liability 13800 131 Sales Revenue (To record breakage) Gin Card Liability I Sales Revenge (Gift cards redeemed for merchandise) Cost of Goods Sold Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue (To record breakage) 4600 2392 eTextbook and Media List of Accounts How much income fif any) was earned in each of these months? (Round answers to decimal places. es. 1253 April February $ March $ 1808 Sales revenue Cost of goods sold 0 Gross margin $ eTextbook and Media 28 otv Question 1 of 6 > -/22 List of Accounts How much income if any) was earned in each of these months? (Round answers to decimal places e 125.) March February $ April 1308 5 Sales revenue Cost of goods sold 0 Gross margin $ $ $ e Textbook and Media List of Accounts What liability it any) would appear on the company's statement of financial position at the end of each of these months? (Round answers to decimal places, s. 125) $ Balance, February 28 Balance, March 31 $ Balance, April 30 5 e Textbook and Media List of Accounts Se fortat Last saved dat Saved work will be to submitted on the due date Attempts of 3 used 28 otv RA