In December 2021, during the Christmas season, Ivanhoe Company Sports Ltd. sells $5,130 of gift cards for cash in December 2020. Ivanhoe Company has a calendar year end and uses a perpetual inventory system. In January 2021, $3,160 of the gift cards are redeemed for merchandise with a cost of $2,240. Ignore the effects of any breakage. Prepare the summary journal entries for Ivanhoe Company for December 2020 sales of gift cards. (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 0 for the amounts.) Account Titles and Explanation Cash Prepare the summary journal entries for Ivanhoe Company for January 2021 redemptions of gift cards. (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 0 for the amounts.) Account Titles and Explanation (To record sales using gift cards.) Cost of Goods Sold Merchandise Inventory (To record cost of goods sold.)