Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.3 million in iTunes gift cards in November, and customers redeem $13.3 million of the gift cards in December.

Required:1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).)

Journal Entry Worksheet

Record the receipt of cash for gift cards.

Record the revenue earned from redemption of gift cards.

Date

General Journal

Debit

Credit

November 30

*Enter debits before credits