Question
Firm ABC had the following gift card transactions in July 2021: July 1: Sold gift card valued at $2,000 July 15: Customer used gift card
Firm ABC had the following gift card transactions in July 2021:
- July 1: Sold gift card valued at $2,000
- July 15: Customer used gift card to purchase $1,600 worth of merchandise
- July 30: A gift card valued at $1,000 that was sold in July 2020 expired
On which of the following date(s) would Firm ABC recognize gift card revenue?
| a. | July 15 and July 30 | |
| b. | July 1 | |
| c. | July 1 and July 30 | |
| d. | July 15 |
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Accounting Concepts And Applications
Authors: K. Fred Skousen, W. Steve Albrecht, James D. Stice, Earl K. Stice
7th Edition
0538876247, 978-0538876247
