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Flint Spa Inc. regularly sells gift cards for beauty services. Based on past redemption rates it estimates that 19% of all gift cards are NOT

Flint Spa Inc. regularly sells gift cards for beauty services. Based on past redemption rates it estimates that 19% of all gift cards are NOT used. The total value of outstanding gift cards is $25800. A customer redeems $160 on a gift card. Which of the following partial entries would Flint make?

Cr. Revenue $197.53

Cr Contract liability $160.00

Cr Contact liability $197.53

Cr revenue $160.00

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