29.. Peterson Photoshop sold $1,000 in gift cards on a special promotion on October 15, 2021, and sold $1,500 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $100 were redeemed in October, $250 in November, and $300 in December. Of the gift cards sold in November, $150 were redeemed in November and $350 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:

29.. Peterson Photoshop sold $1,000 in gift cards on a special promotion on October 15, 2021, and sold $1,500 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $100 were redeemed in October, $250 in November, and $300 in December. Of the gift cards sold in November, $150 were redeemed in November and $350 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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