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Pecinebls Greerville Aubo Parts completed the following transactions during December of the curent year. The cempeny records uneemed items initally as revenue. The company uses the accounts Gif Cerds Outstanding and Breakege Revenue to account for giit card tansactions. Dec. 20. Received cash for the sale of gift eirds, $550.00. R555. 21. Sold equ Minent to Len's Garege, receiving a $250.00 down peyment and excepting a 36 -ilonth, 12% instrelliment nots receivide for the belines, 4,500.00. NR111. 20. Received cach on an intallment note rectivebie from kelen Sevice Center. The interet portion of the $345.00 payment is $125.33. R5:5. 29. Customers redeemed gift ards for the eale of merchandise, $168.95. M222. 1. Jourtalla the above tariactors using a cugh recejpts joums and a generd jourtal. 2. Continue ushy the ganecal joumel. Use the following Information to recond udjusthy entries on December 31 of the oulent yesr. -. Acousd hterect on notes reqehebie, Decenber 31,$220.00. 6. Rent recehed ln adance and hitally recoded as lnome but not eamed as of Deonhts 31,43,000.00. c. Greemlle Auto Purts edimates thet $1,230.00 of glit cands will never be redeemed. 3. Continue ushp tha qaneral joumal to joumallie the reverzag entules on lannary 1 of the next year. Part Three-Journalizing Transactions for Unearned Revenue, Accrued Revenue, and Installment Notes Receivable Greenville Auto Parts completed the following transactions during December of the current year. The company records unearned items initially as revenue. The company uses the accounts Gift Cards Outstanding and Breakage Revenue to account for gift card transactions. Dec. 20. Received cash for the sale of gift cards, $550.00. R556. 21. Sold equipment to Dan's Garage, recelving a $250.00 down payment and accepting a 36-month, 12% installment note receivable for the balance, 54,500.00. NR111. 28. Received cash on an installment note receivable from Nelson Service Center. The interest portion of the $345.00 payment is $125.33. R585. 29. Customers redeemed gift cards for the sale of merchandise, $168.95. M222. Instructions: 1. Journalize the above transactions using a cash receipts journal and a general journal. 2. Continue using the general journal. Use the following information to record adjusting entries on December 31 of the current year. a. Accrued interest on notes receivable, December 31,$290.00. b. Rent received in advance and initially recorded as income but not earned as of December 31,$3,000.00. c. Greenville Auto Parts estimates that $1,230.00 of gift cards will never be redeemed. 3. Continue using the general journal to journalize the reversing entries on January 1 of the next year. Pecinebls Greerville Aubo Parts completed the following transactions during December of the curent year. The cempeny records uneemed items initally as revenue. The company uses the accounts Gif Cerds Outstanding and Breakege Revenue to account for giit card tansactions. Dec. 20. Received cash for the sale of gift eirds, $550.00. R555. 21. Sold equ Minent to Len's Garege, receiving a $250.00 down peyment and excepting a 36 -ilonth, 12% instrelliment nots receivide for the belines, 4,500.00. NR111. 20. Received cach on an intallment note rectivebie from kelen Sevice Center. The interet portion of the $345.00 payment is $125.33. R5:5. 29. Customers redeemed gift ards for the eale of merchandise, $168.95. M222. 1. Jourtalla the above tariactors using a cugh recejpts joums and a generd jourtal. 2. Continue ushy the ganecal joumel. Use the following Information to recond udjusthy entries on December 31 of the oulent yesr. -. Acousd hterect on notes reqehebie, Decenber 31,$220.00. 6. Rent recehed ln adance and hitally recoded as lnome but not eamed as of Deonhts 31,43,000.00. c. Greemlle Auto Purts edimates thet $1,230.00 of glit cands will never be redeemed. 3. Continue ushp tha qaneral joumal to joumallie the reverzag entules on lannary 1 of the next year. Part Three-Journalizing Transactions for Unearned Revenue, Accrued Revenue, and Installment Notes Receivable Greenville Auto Parts completed the following transactions during December of the current year. The company records unearned items initially as revenue. The company uses the accounts Gift Cards Outstanding and Breakage Revenue to account for gift card transactions. Dec. 20. Received cash for the sale of gift cards, $550.00. R556. 21. Sold equipment to Dan's Garage, recelving a $250.00 down payment and accepting a 36-month, 12% installment note receivable for the balance, 54,500.00. NR111. 28. Received cash on an installment note receivable from Nelson Service Center. The interest portion of the $345.00 payment is $125.33. R585. 29. Customers redeemed gift cards for the sale of merchandise, $168.95. M222. Instructions: 1. Journalize the above transactions using a cash receipts journal and a general journal. 2. Continue using the general journal. Use the following information to record adjusting entries on December 31 of the current year. a. Accrued interest on notes receivable, December 31,$290.00. b. Rent received in advance and initially recorded as income but not earned as of December 31,$3,000.00. c. Greenville Auto Parts estimates that $1,230.00 of gift cards will never be redeemed. 3. Continue using the general journal to journalize the reversing entries on January 1 of the next year
