Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $$2,300.$ The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $$936$ 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 $$2,300$ in gift cards sold $($keeping in mind that, in actuality, the company would record each sale of a gift card individually$)$ and the $$936$ in gift cards redeemed. $($Hint: The $$936$ includes a $4\%$ sales tax of $$36.)$

$3.$ Determine the balance in the Deferred Revenue account $($remaining liability for gift cards$)$ Texas Roadhouse will report on the December $31$ balance sheet.

Record the first two in jornal format and explain each step please