Problem 8-6A Record deferred revenues and sales taxes (LO8-4) e as Roadhouse opened a new restaurant in October. During its first three months o operation, the restauran sold gift cards n a ous amounts totaling TIe arasare redeemable for meals within one year of the purchase date. Gift cards totaling $416 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales ax rate on restaurant sales is 4%, assessed a the me meas not gift cards are purchased Texas Roadhouse will remit sa es axes in anuary. Required 1. & 2. Record (in summary form) the $1,500 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually) and the $416 in gift cards redeemed. (Hint. The $416 includes a 4% sales tax of $16.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cash received for gift cards. Note: Fnter deblts before credits. Transaction General Journal Debit Credit 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet Deferred revenue