Check my work Problem 8-6A Record deferred revenues and sales taxes (LO8-4) Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,700. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $936 were presented for redemption during the first three months of operation prior to year. end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remlt sales taxes in January Required: 1. & 2. Record (in summary form) the $2.700 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually) and the $936 In gift cards redeemed. (Hint The $936 includes a 4% sales tax of $36.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2 Core M 20 Wall Chapter 8 Homework Help Save & Exit Sube Check my work 7 Journal entry worksheet 2 0.71 points Record the cash received for gift cards Book Note: Enter debit before credits Print Det Credit References Transaction General Journal 1 Cash Interest Revenue 2.700 2,700 7 of 14 Homework Saved Help Save & Exit Submit Check my work Journal entry worksheet Record the redemption of gift cards. Note: Enter debits before credits Debit Credit Transaction 2 936 General Journal Sales Revenue Sales Tax Payable Sales Revenue 38 900 7 of 14