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please answer all parts to this one question and be neat please. I will thumbs up CircuitTown commenced a gift card program in January 2024
please answer all parts to this one question and be neat please. I will thumbs up
CircuitTown commenced a gift card program in January 2024 and sold $10,000 of gift cards in January, $15,000 in February, and \$16,000 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the March cards. CircuitTowr considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenu will Circuitown recognize with respect to January gift card sales during 2024 ? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024 ? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31 , 2024 ? Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiri gift cards. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore gift cards. Note: If no entry is required for a transaction/event, select "No journal entry required" in the fir Journal entry worksheet 1 Journal entry worksheet 1 Record the expiration of January gift cards. Note: Enter debits before credits. Exercise 13-9 (Static) Gift cards; financial statement effects [LO13-3] CircuitTown commenced a gift card program in January 2024 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March 2024 before discontinuing further gift card sales. During 2024 , gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024 ? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown.recognize with respect to March gift card sales during 2024 ? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31,2024 ? Complete this question by entering your answers in the tabs below. 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024? 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31,2024Step by Step Solution
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