During December 2023, Wildhorse Ltd. sells $28,000 of gift cards to customers. From reliable past experience, management estimates that 9% of the gift cards sold will not be redeemed by customers. In January 2024, $2,500 of these cards is redeemed for merchandise with a cost of $1,875. In February 2024, a further $10,700 of these cards is redeemed for merchandise with a cost of $8,560. The company uses a perpetual inventory system and has a February 28 year end. (a) Prepare the journal entry needed for December 2023. (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 O for the amounts. List debit entry before credit entry.) Date December, 2023 Account Titles and Explanation Debit Credit

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