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Record the following transactions for a Davis Company: a. May 1, 2022: Sold $3,000 worth of gift cards to customers for cash b. May 10,
Record the following transactions for a Davis Company: a. May 1, 2022: Sold $3,000 worth of gift cards to customers for cash b. May 10, 2022: Sold goods to customers for $2,000 plus Ontario HST of 13%. Customer paid $1,000 with gift cards and the rest in cash. c. May 23, 2022: Sold goods to customers for $6,000 plus Ontario HST of 13%. Customer paid $500 with gift cards and the rest in cash.
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To determine the balance in the gift card liability account after the transactions we need to track ...
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College Accounting
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
11th edition
978-1111528300, 1111528128, 1111528306, 978-1111528126
