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The last entry I made was incorrect can you help me to correct it please.... Is NOT ''90'' (in the entry where it says to
The last entry I made was incorrect can you help me to correct it please.... Is NOT ''90'' (in the entry where it says to record sales of cards NOT redeemed)
Tamarisk sells 20 non-refundable $90 gift cards for 3D cartridges on March 1, 2022. The cartridges have a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2022. Tamarisk estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. March 31 April 30 June 30 Redemption Total 50% 80 85 Prepare the 2022 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Date Account Titles and Explanation Debit Credi Mar. 1, 2022 Cash 1800 Unearned Sales Revenue Mar. 31, 2022 v Unearned Sales Revenue 900 Sales Revenue (To record sales of cards redeemed) Cost of Goods Sold 720 Inventory (To record cost of goods sold) Apr. 30, 2022 Unearned Sales Revenue 540 Sales Revenue (To record sales of cards redeemed) Cost of Goods Sold 432 Inventory (To record cost of goods sold) Jun. 30, 2022 Unearned Sales Revenue 90 Sales Revenue (To record sales of cards redeemed) Cost of Goods Sold 72 Inventory (To record cost of goods sold) Unearned Sales Revenue 90 Sales Revenue (To record sales of cards not redeemed)Step by Step Solution
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