Question
Larkspur's Menswear sells $5,005 of gift cards for cash in December 2024, Larkspur's has a December 31 fiscal year end and uses a perpetual inventory
Larkspur's Menswear sells $5,005 of gift cards for cash in December 2024, Larkspur's has a December 31 fiscal year end and uses a perpetual inventory system. In January 2025, $2,635 of the gift cards are redeemed for merchandise with a cost of $1,120. Prepare journal entries for Larkspur's for December 2024 and January 2025 assuming all gift card balances will be redeemed.
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Financial Management for Public Health and Not for Profit Organizations
Authors: Steven A. Finkler, Thad Calabrese
4th edition
978-0132805667
