Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,100. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $520 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 $2,100 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually) and the $520 in gift cards redeemed. (Hint. The $520 includes a 4% sales tax of $20.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal 1 1 Cash Deferred Revenue 2 2 Deferred Revenue Sales Revenue Sales Tax Payable Debit C 2,100 689 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet.