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this is all one question. thank you in advance! Journal entry worksheet Record the expiration of January gift cards. Note: Enter debits before credits. Journal
this is all one question. thank you in advance!
Journal entry worksheet Record the expiration of January gift cards. Note: Enter debits before credits. Journal entry worksheet Record the redemption of January gift cards. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024 ? 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024 ? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2024? Journal entry worksheet Record the January gift card sales. Note: Enter debits before credits. CircuitTown commenced a gift card program in January 2024 and sold $12,300 of gift cards in January, $18,250 in February, and $19,900 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $6,850 for the January gift cards sold, $5,750 for the February cards, and $3,900 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024 ? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024 ? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2024Step by Step Solution
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