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Bonita sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2017. The paper has a standalone selling price of $90 (cost
Bonita sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2017. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2017. Bonita estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Redemption Total 50 % March 31 April 30 June 30 Prepare the 2017 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit 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 o for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o decimal places e.g. 58,971.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed)
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