In 2023, over $27,000,000 in gift cards was projected to be purchased during the holiday season. Expire Clothing Store, headquartered in New York City, sold over $275,000 in gift cards during the holiday season (December 20XX). The cards can be used at any time for any type of merchandise that Expire sells online and in any of its many international locations. However, where most gift cards have a life span of 5 years, the validity of Expire's cards expires on December 31st of 20YY. After that day the card is no longer redeemable. As of December 31st, 20YY (the following year), $249,300 gift cards were used. 

Prepare the journal entry related to the redemption of the gift cards.