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Problem 8-6B (Algo) Record deferred revenues and sales toxes (LO8-4) 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 $1,850. The cards are redeemable for meals within one year of the purchase date. Gift cards totailng $742 were presented for redemption durng 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 Logaris will remit sales faxes in January. Required: 1. \& 2. Record (in summary form) the $1,850 in gitt cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $742 in gitt cards redeemed. (Hint The $742 includes a 6% sales tax of $42 ) 3. Determine the balance in the Deferred Revenue account (remaining llability for gitt cards) to be reported on the December 31 balance sheet. 5 Complete this question by entering your answers in the tabs below. Record (in summary form) the $1,850 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 Problem 8-6B (Algo) Record deferred revenues ond soles toxes (LO8-4) Logan's Roadhouse opened a new restaurant in Novembec. During its first two months of operation, the restaurant soid gift cards in vanous arnounts totaling $1,850. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $742 were presented for redemption during the first two months of operation prior to year-end on December 31 . The sales tax rate on rebtaurant soles is 6%, assessed at the time mesls fhot gift cards) are purchased. Logan's wil remit sales taxes in January Required: 1. \&.2. Record (in summary form) the $1,850 in gift cards sold (keeping in mind that, in octuality, each sale of a gift card or a meal would be recorded indivdually and the $742 in gir cards redeemed. (Hint The $742 includes a 6% sales tax of $42 ) 3. Determine the belance in the Deferred Revenue occount (remaining llabity for gift cards) to be feported on the December 31 balance sheet Complete this questien by entering your answers in the tabs below. balance sheet