Exercise $8-10($Static$)$ Analyze and record deferred revenues $($LO$8-4)$

Apple Incorporated is one of the top online music retailers through its iTunes music store. Assume Apple sells $$21$ million in iTunes gift cards in November, and customers redeem $$14$ million of the gift cards in December.

Required:

$1.$ & $2.$ Record the necessary entries in the Journal Entry Worksheet below.

$3.$ What is the ending balance in the Deferred Revenue account?