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Gift cards have become very popular and can be purchased either directly from your favourite store or from large gift card stands

found at your local grocery store, pharmacy, gas station, or big box store. You most likely received at least one gift card to your

favourite store for Christmas or your most recent birthday.

Let's assume you received a $$116$ gift card for Sheridan from a friend. Your friend purchased the gift card directly from a Sheridan

store. Ignore sales taxes.

$($a$)$

Correct Answer $($Used$)$

Prepare the journal entry Sheridan recorded when your friend purchased the gift card. $($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 $0$ for

the amounts. List debit entry before credit entry.$)$

Account Titles

Debit

Credit

Cash

Unearned Revenue

$($b$)$

You just went to Sheridan and found your favourite jeans on sale, so you bought two pair for a total cost of $$174.$ Record the

journal entry Sheridan should make for this transaction, assuming a perpetual inventory system and jeans with a cost of $$111.$

Ignore any PST and GST on the sale. $($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 $0$ for the amounts. List all debit entries before credit

entries.$)$

Account Titles

Debit

Credit

$($To record the sale$)$

$($To record cost of the jeans$)$

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