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Let's Get Artsy Co. sells gift cards that are redeemable for art classes. Based on industry norms, it is estimated that 30% of the gift
Let's Get Artsy Co. sells gift cards that are redeemable for art classes. Based on industry norms, it is estimated that 30% of the gift cards will not be redeemed. In 20X1, the company had total gift card sales of $4,000, of which 20% were redeemed. The December 31, 20X2 adjusting entry for gift card sales includes Select answer from the options below a credit to Breakage Revenue for $343. a credit to Unearned Gift Card Revenue for $2,457. a debit to Gift Card Expense for $800. a debit to Unearned Gift Card Revenue for $1,200
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