Complete this question by entering your answers in the tabs below. Reg 2 Req 1 and 3 and 4 Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet CircuitTown commenced a gift card program in January 2021 and sold $13,150 of gift cards in January, 516,000 in February, and $17.400 in March 2021 before discontinuing further gift card soles. During 2021. gift card redemptions were $7,800 for the January on cards sold. $6,300 for the February cards, and $4,800 for the Match cards. CircuitTown considers gift cards to be broken inor redeemable 10 months after sale 021 Required: 1. How much revenue will Circuit Town recognize with respect to January gift card sales during 20217 2. Prepare journal entries to record the sale of January gincards, redemption of gift cards gnore sales tax), and breakage (expiration of gift cards 3. How much revenue will Circuit Town recognize with respect to March gift card sales during 2021? 4. What liability for deferred revenue associated with gift card sales would Circuiffown show as of December 31, 2021 Shoped Do Complete this question by entering your answers in the tabs below. Reg 2 Reg1 and 3 and 4 Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) gift cards (if no entry required for a transaction/even Melect "No journal entry required in the first account Print View transaction ist Hunter Journal entry worksheet > 1 Record the redemption of January gift cards of CircultTown commenced a gift card program in January 2021 and sold $13,150 of gift cards in January, $16,000 in February, and $17.400 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,800 for the January gift cards sold, $6,300 for the February cards, and $4,800 for the March cards. CircuitTown considers gift cards to be broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect to January gift card sales during 20217 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 Circuit Town recognize with respect to March gift card sales during 2021? 4. What liability for deferred revenue associated with gift card sales would Circuit Town show as of December 31, 2021? Complete this question by entering your answers in the tabs below. Reg 2 Reg 1 and 3 and 4 Prepare journal entries to record the sale of January gift cards, redemption of gift cards (Ignore sales tax), and breakage (expiration) of gift cards. (If no entry is required for a transaction/event, select "No journal entry required in the first account held.) View transaction llat Journal entry worksheet
