Logans Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant
Question:
Required:
1. Record (in summary form) the $2,300 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually).
2. Record the $742 in gift cards redeemed. The $742 includes a 6% sales tax of $42.
3. Determine the balance in the Unearned Revenue account (remaining liability for gift cards) to be reported on the December 31 balance sheet.
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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