Bananas sells gift cards in $15, $25, and $50 increments. Assume Bananas sells $19.5 million in iTunes gift cards in November, and customers redeem $12.5 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. 3. What is the ending balance in the Deferred Revenue account? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 million should be entered as 5,500,000).) View transaction list > 1 Record the cash sale of gift cards in November. 2 Record gift cards redeeme in December.

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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Please read the questions carefully the First question is asking for journal entry.

Required:
1. & 2. Record the necessary entries in the Journal Entry Worksheet below.
3. What is the ending balance in the Deferred Revenue account?
Complete this question by entering your answers in the tabs below.
Req 1 and 2
Req 3
What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars, not in millions. (i.e. 5.5 million
should be entered as 5,500,000).)
O Screen capture • now a
Ending balance
Screenshot taken
Show in folder
< Req 1 and 2
Reg 3
nns s s
ton yntering
he t te
O Copied to clipboard
8 of o
EDIT
DELETE
Noxt
Transcribed Image Text:Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. 3. What is the ending balance in the Deferred Revenue account? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars, not in millions. (i.e. 5.5 million should be entered as 5,500,000).) O Screen capture • now a Ending balance Screenshot taken Show in folder < Req 1 and 2 Reg 3 nns s s ton yntering he t te O Copied to clipboard 8 of o EDIT DELETE Noxt
Bananas sells gift cards in $15, $25, and $50 increments. Assume Bananas sells $19.5 million in iTunes gift cards in November, and
customers redeem $12.5 million of the gift cards in December.
Required:
1. & 2. Record the necessary entries in the Journal Entry Worksheet below.
3. What is the ending balance in the Deferred Revenue account?
Complete this question by entering your answers in the tabs below.
Req 1 and 2
Req 3
Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No
Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 million should be entered as
5,500,000).)
View transaction list
>
1
Record the cash sale of gift cards in November.
2 Record gift cards redeemed in December.
Transcribed Image Text:Bananas sells gift cards in $15, $25, and $50 increments. Assume Bananas sells $19.5 million in iTunes gift cards in November, and customers redeem $12.5 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. 3. What is the ending balance in the Deferred Revenue account? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 million should be entered as 5,500,000).) View transaction list > 1 Record the cash sale of gift cards in November. 2 Record gift cards redeemed in December.
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