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Orange sells gift cards in $15, $25, and $50 increments. Assume Orange sells $20.1 million in iTunes gift cards in November, and customers redeem $13.1
Orange sells gift cards in $15, $25, and $50 increments. Assume Orange sells $20.1 million in iTunes gift cards in November, and customers redeem $13.1 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. 3. What is the ending balance in the Deferred Revenue account? View transaction list Journal entry worksheet < 1 2 Record the cash sale of gift cards in November. Note: Enter debits before credits. Date November 30 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record gift cards redeemed in December. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry Record entry View general journal Req 1 and 2 Req 3 > ok Complete this question by entering your answers in the tabs below. ences Req 1 and 2 Req 3 What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars, not in millions. (i.e. 5.5 million should be entered as 5,500,000).) Ending balance
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