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Relax Spa Inc. regularly sells gift cards for beauty services. Based on past redemption rates it estimates that 18% of all gift cards are NOT

Relax Spa Inc. regularly sells gift cards for beauty services. Based on past redemption rates it estimates that 18% of all gift cards are NOT used. The total value of outstanding gift cards is $10,000. A customer redeems $150 on a gift card. Which of the following partial entries would Relax make? Round to 2 decimal places.
a) cr. Revenue $182.93
b) cr. Revenue $150.00
c) cr. Contract Liability $150.00
d) cr. Contract Liability $182.93

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