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Splish Taco Palace sells 300 gift cards at $40 per gift card and 150 of the gift cards are redeemed by year-end. Splish estimates that
Splish Taco Palace sells 300 gift cards at $40 per gift card and 150 of the gift cards are redeemed by year-end. Splish estimates that it will have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, e.g. 0.2456 and final answers to 0 decimal places, e.g. 5,125
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