CircuitTown commenced a gift card program in January 2024 and sold $12,550 of gift cards in...

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CircuitTown commenced a gift card program in January 2024 and sold $12,550 of gift cards in January, $19,900 in February, and $20,550 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $7,400 for the January gift cards sold, $6,900 for the February cards, and $4,450 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2024? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2 Req 1 and 3 and 4 1. How much revenue will Circuit Town recognize with respect to January gift card sales during 2024? 3. How much revenue will Circuit Town recognize with respect to March gift card sales during 2024? 4. What liability for deferred revenue associated with gift card sales would Circuit Town show as of December 31, 2024? 1. Revenue recognized from January gift card sales 3. Revenue recognized from March gift card sales 4. Year-end deferred revenue liability $ $ 20,550 x 4,450 < Req 2 Req 1 and 3 and 4 > Show less CircuitTown commenced a gift card program in January 2024 and sold $12,550 of gift cards in January, $19,900 in February, and $20,550 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $7,400 for the January gift cards sold, $6,900 for the February cards, and $4,450 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2024? 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards. 3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2024? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31, 2024? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2 Req 1 and 3 and 4 1. How much revenue will Circuit Town recognize with respect to January gift card sales during 2024? 3. How much revenue will Circuit Town recognize with respect to March gift card sales during 2024? 4. What liability for deferred revenue associated with gift card sales would Circuit Town show as of December 31, 2024? 1. Revenue recognized from January gift card sales 3. Revenue recognized from March gift card sales 4. Year-end deferred revenue liability $ $ 20,550 x 4,450 < Req 2 Req 1 and 3 and 4 > Show less

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