Sarah's Pottery and Gift store had the following transactions: o. On November 15, 2020, Katie from the small office business Custom Graphics contacted Sarah to purchase gift cards for the holiday season. Katie's boss gave her $5,000 to purchase 50 gift cards with a value of $100 each from Sarah. b. During the month of December, 45 of the $100 gift cards were used in full by staff members of Custom Graphics. Required: 1-o. Prepare the journal entries for each of the transactions. Sarah's Pottery and Gift store had the following transactions: a. On November 15, 2020. Katie from the small office business Custom Graphics contacted Sarah to purchase gift cards holiday season. Katie's boss gave her $5,000 to purchase 50 gift cards with a value of $100 each from Sarah. b. During the month of December, 45 of the $100 gift cards were used in full by staff members of Custom Graphics. Required: 1-o. Prepare the journal entries for each of the transactions. Journal entry worksheet Record the sale of 50 gift cards, $100 each. Note: Enter deblts bcfore credits. 1.b. Calculate the liability that will remoin on the December 31.2020 balance sheet for Sarah's Pottery and. Gift Store. (Round the final answer to the nearest whole dollnr amount.)