During December 2023, Carla Vista Ltd. sells $22,500 of gift cards to customers. From reliable past experience, management estimates that 7% of the gift cards sold will not be redeemed by customers. In January 2024, $2,100 of these cards is redeemed for merchandise with a cost of $1,575. In February 2024, a further $10,800 of these cards is redeemed for merchandise with a cost of $8,640. The company uses a perpetual inventory system and has a February 28 year end. (a) Your answer is correct. Prepare the journal entry needed for December 2023. (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. List debit entry before credit entry.) (b) Date Account Titles and Explanation December, 2023 Cash Contract Asset/Liability eTextbook and Media List of Accounts Debit 22500 Credit 2250 Attempts: 1 of 3 used Prepare the journal entry needed for the January 2024 redemptions. (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 answers to O decimal places, e.g. 5,275. List all debit entries before credit entries.) Date Account Titles and Explanation January, 2024 January, 2024 (To record sales) (To record cost of goods sold) Debit Credit