Bull's Eye Department Stores, Inc. records $100,000 in gift card sales and receives cash in year 1. Customers redeemed 20% of the gift cards to purchase merchandise in year 2. Which of the following would be included in the summary journal entry to reflect the year 2 redemption transactions? Group of answer choices debit Sales Revenue $80,000 debit Unearned Revenue $20,000 credit Unearned Revenue $20,000 credit Sales Revenue $80,000
Bull's Eye Department Stores, Inc. records $100,000 in gift card sales and receives cash in year 1. Customers redeemed 20% of the gift cards to purchase merchandise in year 2. Which of the following would be included in the summary journal entry to reflect the year 2 redemption transactions? Group of answer choices debit Sales Revenue $80,000 debit Unearned Revenue $20,000 credit Unearned Revenue $20,000 credit Sales Revenue $80,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Bull's Eye Department Stores, Inc. records $100,000 in gift card sales and receives cash in year 1. Customers redeemed 20% of the gift cards to purchase merchandise in year 2. Which of the following would be included in the summary journal entry to reflect the year 2 redemption transactions?
Group of answer choices
debit Sales Revenue $80,000
debit Unearned Revenue $20,000
credit Unearned Revenue $20,000
credit Sales Revenue $80,000
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