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CircuitTown commenced a gift card program in January 2024 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 in March 2024

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CircuitTown commenced a gift card program in January 2024 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $7,500 for the January gift cards sold, $6,050 for the February cards, and $6,250 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 2024 ? 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 CircultTown recognize with respect to March gift card sales during 2024? 4. What liability for deferred revenue associated with gift card sales would Circuitown show as of December 31,2024 ? Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account. field. Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field, Journal entry worksheet Note: Enter debits before credite. 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024 ? 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024 ? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31,2024

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