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Logan's Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $1,800.
Logan's Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $1,800. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $689 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan's will remit sales taxes in January Required: 182. Record in summary form) the $1,800 in gift cards sold keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $689 in gift cards redeemed (Hint: The $689 includes a 6% sales tax of $39.) (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cash received for gift cards. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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