Required information [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.2 million in iTunes gift cards in November, and customers redeem $12.2 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).) Journal entry worksheet 2 Record the receipt of cash for gift cards. Note: Enter debits before credits. Date General Journal Debit Credit November 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the revenue earned from redemption of gift cards. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Required information [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.2 million in iTunes gift cards in November, and customers redeem $12.2 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).) Journal entry worksheet 2 Record the receipt of cash for gift cards. Note: Enter debits before credits. Date General Journal Debit Credit November 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the revenue earned from redemption of gift cards. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25,
and $50 increments. Assume Apple sells $19.2 million in iTunes gift cards in November, and customers redeem $12.2
million of the gift cards in December.
Required:
1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/levent, select "No
journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as
5,500,000).)
Journal entry worksheet
2
Record the receipt of cash for gift cards.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
November 30
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2026c0b0-7b1d-4913-b534-a9aba708cafe%2F9308d54c-9666-4dde-9482-49c35ba92dae%2Faoyn6o.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25,
and $50 increments. Assume Apple sells $19.2 million in iTunes gift cards in November, and customers redeem $12.2
million of the gift cards in December.
Required:
1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/levent, select "No
journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as
5,500,000).)
Journal entry worksheet
2
Record the receipt of cash for gift cards.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
November 30
Record entry
Clear entry
View general journal

Transcribed Image Text:View transaction list
Journal entry worksheet
Record the revenue earned from redemption of gift cards.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 31
Record entry
Clear entry
View general journal
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