During its first three months of operation, Palomino's sold gift cards in various amounts totaling $5,200. The gift cards are redeemable for meals within one year of the purchase date. Gift cards totaling $1,900 were presented for redemption prior to year-end on December 31. The sales tax rate on restaurant sales is 7%, assessed at the time meals (not gift cards) are purchased. Palomino's will remit sales taxes in January. Required: 1. \& 2. Record (in summary form) the $5,200 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $1,900 in gift cards redeemed. The $1,900 includes a 7% sales tax of $124.30. 3. Determine the ending balance in the deferred revenue account (remaining liability for gift cards) to be reported on the December 31 balance sheet. Complete this question by entering your answers in the tabs below. Record (in summary form) the $5,200 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $1,900 in gift cards redeemed. The $1,900 includes a 7% sales tax of $124.30. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.) Journal entry worksheet 2