Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,100. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $832 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January Required: 1. & 2. Record (in summary form) the $3,100 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually) and the $832 in gift cards redeemed. (Hint The $832 includes a 4% sales tax of $32.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the cash received for gift cards. Note: Enter debits before credits Transaction General Journal Debit Credit 1 1 2 > Record the cash received for gift cards. Nota: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Deferred revenue