Question
Reigning Glory Store sells gift certificates, redeemable for store merchandise and with no expiration date. The entity has the following information pertaining to the gift
Reigning Glory Store sells gift certificates, redeemable for store merchandise and with no expiration date. The entity has the following information pertaining to the gift certificates sales and redemptions:
Unearned revenue on Jan 1 2019 750,000
2019 Sale of gift certificates 2,500,000
2019 redemptions of prior year sales 250,000
2019 redemptions of current year sales 1,750,000
- How much is the total redemptions in 2019? ______________________
- How much is the unearned revenue as of December 31, 2019? _________________
- What is the entry for the sale of gift certificates in 2019:
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Modern Internal Auditing An Operational Approach
Authors: Victor Zinn Brink
3rd Edition
0471065242, 978-0471065241
