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Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $1,900

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Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $1,900 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: 1.8 2. Record in summary form) the $1,900 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gi 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, Nordahits free Journal entry worksheet

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