everything is part of one question
-722 View Policies Current Attempt in Progress During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22,600 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $4,600 of these cards is redeemed for merchandise with a cost of $2,500. In April, further $13,800 of these cards is redeemed for merchandise with a cost of $4,600. The company uses a perpetual inventory system. Also in February, Be My Valentine had $1,000 of unuled gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used. Prepare journal entries to record the transactions for February, March, and April (Enter debit entries first followed by credit entries. 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 for the amounts. Round answers to decimal places, es. 125) Debit Credit Date Account Titles and Explanation 22600 Feb. Cash 22600 Gift Card Liability (Cash received for gift cards) Gift Card Liability 1808 1800 Sales Revenue (To record breakage) Gift Card Liability Mar Sales Reven Question 1 of 6 -/22 Sales Revenue 1808 (To record breakage) Gift Card Liability Mar. 4600 4600 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold 2500 2500 Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue 13800 Apr. v (To record breakage) Gift Card Liability Sales Revenue (Gift cards redeemed for merchandise) 13800 4600 Cost of Goods Sold 4800 Inventory (To record cost of merchandise) Question 1 of 6 Apr. -122 Gift Card Liability 13800 Sales Revenue (Gift cards redeemed for merchandise) 13800 Cost of Goods Sold 4600 Inventory 1 (To record cost of merchandise) 4600 Gift Card Liability 2392 Sales Revenue (To record breakage) e Textbook and Media List of Accounts How much income (if any) was earned in each of these months? (Round answers to decimal places, es 125) April March February $ $ 1808 Sales revenue Question 1 of 6 -/22 How much income (if any) was earned in each of these months? (Round answers to 0 decimal places, eg. 125.) February March Sales revenue $ April $ 1808 $ Cost of goods sold d Gross margin $ I $ e Textbook and Media List of Accounts What liability (if any) would appear on the company's statement of financial position at the end of each of these months? (Round answers to decimal places, eg. 125.) Balance, February 28 $ Balance, March 31 $ $ Balance, April 30 e Textbook and Media Question 1 of 6 -/22 E View Policies Current Attempt in Progress During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22.600 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March 54,600 of these cards is redeemed for merchandise with a cost of $2.500. In April, further $13.800 of these cards is redeemed for merchandise with a cost of $4.500. The company uses a perpetual inventory system Also in February, Be My Valentine had $1.000 of unused gift cards that were over one year old and were not expected to be used The amount was in line with the company's normal breakage and all other gift cards of the same age had been used. Prepare journal entries to record the transactions for February March and April (Enter debit entries first followed by credit entries 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 title and enter for the amounts. Round answers to decimal places, eg. 125) Date Account Tities and Explanation Debit Credit Feb Casti 22600 Gift Card Liability (Cash received for gift cards) Gin Card ability 1805 Sales Revenue To record breakape) G Card ability MV 4600 (Gift cards redeemed for merchandise) Cost of Goods Sold 2500 Intory (To record cost of merchandise Gaft Card Sales (To record breakage) en.wiley.com/was/ui/v2/assessment-player/index.html?launchid=302830b3-4ba6-4005-b924-3530c4fc181b#question/ Question 1 of 6 > -122 (To record breakage) Gift Card Liability Marv 4600 4600 Sales Revenge (Gift cards redeemed for merchandise Cost of Goods Sold 2500 2500 Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue Apr V 13800 1 13000 4500 (To record breakage) Gift Card Liability Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue (To record breakage) 1600 2392 2.392 Question 1 of 6 -122 List of Accounts How much income (if any) was earned in each of these months? (Round answers to decimal places. 125) February March $ April Sales revenue $ 1800 Cost of goods sold 0 Gross margin $ $ e Textbook and Media List of Accounts What liability (if any) would appear on the company's statement of financial position at the end of each of these months? Round dnswers to decimal places, eg. 125) $ $ Balance, February 28 Balance, March 31 Balance, April 30 $ e Textbook and Media List of Accounts -722 View Policies Current Attempt in Progress During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22,600 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $4,600 of these cards is redeemed for merchandise with a cost of $2,500. In April, further $13,800 of these cards is redeemed for merchandise with a cost of $4,600. The company uses a perpetual inventory system. Also in February, Be My Valentine had $1,000 of unuled gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used. Prepare journal entries to record the transactions for February, March, and April (Enter debit entries first followed by credit entries. 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 for the amounts. Round answers to decimal places, es. 125) Debit Credit Date Account Titles and Explanation 22600 Feb. Cash 22600 Gift Card Liability (Cash received for gift cards) Gift Card Liability 1808 1800 Sales Revenue (To record breakage) Gift Card Liability Mar Sales Reven Question 1 of 6 -/22 Sales Revenue 1808 (To record breakage) Gift Card Liability Mar. 4600 4600 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold 2500 2500 Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue 13800 Apr. v (To record breakage) Gift Card Liability Sales Revenue (Gift cards redeemed for merchandise) 13800 4600 Cost of Goods Sold 4800 Inventory (To record cost of merchandise) Question 1 of 6 Apr. -122 Gift Card Liability 13800 Sales Revenue (Gift cards redeemed for merchandise) 13800 Cost of Goods Sold 4600 Inventory 1 (To record cost of merchandise) 4600 Gift Card Liability 2392 Sales Revenue (To record breakage) e Textbook and Media List of Accounts How much income (if any) was earned in each of these months? (Round answers to decimal places, es 125) April March February $ $ 1808 Sales revenue Question 1 of 6 -/22 How much income (if any) was earned in each of these months? (Round answers to 0 decimal places, eg. 125.) February March Sales revenue $ April $ 1808 $ Cost of goods sold d Gross margin $ I $ e Textbook and Media List of Accounts What liability (if any) would appear on the company's statement of financial position at the end of each of these months? (Round answers to decimal places, eg. 125.) Balance, February 28 $ Balance, March 31 $ $ Balance, April 30 e Textbook and Media Question 1 of 6 -/22 E View Policies Current Attempt in Progress During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22.600 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March 54,600 of these cards is redeemed for merchandise with a cost of $2.500. In April, further $13.800 of these cards is redeemed for merchandise with a cost of $4.500. The company uses a perpetual inventory system Also in February, Be My Valentine had $1.000 of unused gift cards that were over one year old and were not expected to be used The amount was in line with the company's normal breakage and all other gift cards of the same age had been used. Prepare journal entries to record the transactions for February March and April (Enter debit entries first followed by credit entries 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 title and enter for the amounts. Round answers to decimal places, eg. 125) Date Account Tities and Explanation Debit Credit Feb Casti 22600 Gift Card Liability (Cash received for gift cards) Gin Card ability 1805 Sales Revenue To record breakape) G Card ability MV 4600 (Gift cards redeemed for merchandise) Cost of Goods Sold 2500 Intory (To record cost of merchandise Gaft Card Sales (To record breakage) en.wiley.com/was/ui/v2/assessment-player/index.html?launchid=302830b3-4ba6-4005-b924-3530c4fc181b#question/ Question 1 of 6 > -122 (To record breakage) Gift Card Liability Marv 4600 4600 Sales Revenge (Gift cards redeemed for merchandise Cost of Goods Sold 2500 2500 Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue Apr V 13800 1 13000 4500 (To record breakage) Gift Card Liability Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue (To record breakage) 1600 2392 2.392 Question 1 of 6 -122 List of Accounts How much income (if any) was earned in each of these months? (Round answers to decimal places. 125) February March $ April Sales revenue $ 1800 Cost of goods sold 0 Gross margin $ $ e Textbook and Media List of Accounts What liability (if any) would appear on the company's statement of financial position at the end of each of these months? Round dnswers to decimal places, eg. 125) $ $ Balance, February 28 Balance, March 31 Balance, April 30 $ e Textbook and Media List of Accounts
