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During the Christmas season in late December 2023 , Sandhill Limited sells 49 non-refundable $49 gift cards for a total of $2,401. The gift cards
During the Christmas season in late December 2023 , Sandhill Limited sells 49 non-refundable $49 gift cards for a total of $2,401. The gift cards have an expiration date of March 31, 2024. Sandhill estimates that 10% of the gift cards will not be redeemed by customers. In January, 2024, 15 gift cards are redeemed for merchandise that cost $540. In February, 2024, a further 27 gift cards are redeemed for merchandise that cost $972. Finally in March, 2024, a further 2 gift cards are redeemed for merchandise that cost $64 and the remaining 5 gift cards outstanding expire. Prepare the appropriate journal entry for January, 2024. (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 0 for the amounts. List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 25,000.) Ja Ja
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