Question
Presented below are selected transactions of Vaughn Restaurant for the month ending August 31, 2025. a. b. Vaughn sells 80 gift cards at $70
Presented below are selected transactions of Vaughn Restaurant for the month ending August 31, 2025. a. b. Vaughn sells 80 gift cards at $70 per gift card and 55 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not be redeemed. Vaughn accepted a reservation for its private dining room for a rehearsal dinner in September. It received a security deposit of $300, which will be returned after the dinner is held. Prepare entries for the Vaughn transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries. Round intermediate calculations to 2 decimal places, e.g. 15.25% and final answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation ist 2025 Cash Unearned Gift Card Revenue (To record the sale of 80 gift cards) ist 2025 Unearned Gift Card Revenue Sales Revenue (Breakage) Sales Revenue ist 2025 (To record redemption and breakage of gift cards) Cash Refundable Deposit Liability Debit 5600 4278 300 Credit 5600 428 3850 300
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