Question: On December 5, 2013, Super Circuit Store sold gift certificates totaling $4,000. By December 31, 2013, all but $750 worth of these certificates had been

On December 5, 2013, Super Circuit Store sold gift certificates totaling $4,000. By December 31, 2013, all but $750 worth of these certificates had been redeemed for merchandise. Outstanding certificates were then redeemed by January 15, 2014.
Required:
1. Prepare journal entries on Super Circuit's books to reflect the preceding transactions.
2. How would the gift certificates be reported on Super Circuit's balance sheet on December 31, 2013?

Step by Step Solution

★★★★★

3.36 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 2013 Dec 5 Cash 4000 Unearned Revenue Gift Certificates 40... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1017-B-C-A-B (1698).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

A cross-flow molecular filtration device equipped with a mesoporous membrane is used to separate the enzyme lysozyme from a fermentation broth, as shown in the figure (right column). Water at...

On December 5, 2016, Super Circuit Store sold gift certificates totaling $12,000. By December 31, 2016, all but $2,125 worth of these certificates had been redeemed tor merchandise. Outstanding...

On December 5, 2010, Super Circuit Store sold gift certificates totaling $4,000. By December 31, 2010 all but $750 worth of these certificates had been redeemed for merchandise. Outstanding...

Gift Certificates On December 5, 2007 Super Circuit Store sold gift certificates totaling $4,000. By December 31, 2007 all but $750 worth of these certificates had been redeemed for merchandise....

On December 5, 2019, Super Circuit Store sold gift certificates totaling $15,000. By December 31, 2019, all but $2,500 worth of these certificates had been redeemed for merchandise. Outstanding...

On December 5, 2016, Super Circuit Store sold gift certificates totaling $12,000. By December 31, 2016, all but $2,125 worth of these certificates had been redeemed for merchandise. Outstanding...

On December 5, 2019, Super Circuit Store sold gift certificates totaling $15,000. By December 31, 2019, all but $2,500 worth of these certificates had been redeemed for merchandise. Outstanding...

Question 2: On December 5, 2016, Super Circuit Store sold gift certificates totaling $12,000. By December 31, 2016, all but $2,300 worth of these certificates had been redeemed for merchandise....

On December 5, 2019, Super Circuit Store sold gift certificates totaling $12,000. By December 31, 2019, all but $2,125 worth of these certificates had been redeemed for merchandise. Outstanding...

On December 5, 2019, Super Circuit Store sold gift certificates totalling $12,000 By December 31, 2019, all but $2,125 worth of these certificates had been redeemed for merchandise. Outstanding...

On December 10, 2019, lucy dress Store sold gift certificates totaling $5,000. By December 31, 2019, all but $1,855 worth of these certificates had been redeemed for merchandise. Outstanding...

To review your skills in developing a class diagram, develop a domain model class diagram, including associations and multiplicities, based on the following narrative. A clinic with three dentists...

An ERCP is a medical procedure used most often to treat tumors or gallstones. The numbers of ERCP procedures in the United States are shown in Table 65 for various years. Let y be the number (in...

7. If a radio button is selected, its property contains the Boolean value True. a. Checked b. On c. Selected d. Selection

Winsdor, Inc., produces a product in both the United States and India. Gross receipts derived from sales in the United States amount to $3,800,000 while gross receipts from sales in India amount to...

Red, Inc., sells a piece of equipment and records a regular tax gain of $81,662. However, the AMT gain is $78,922. Calculate the related AMT adjustment and indicate whether the adjustment is positive...

The mean preparation fee H&R Block charged retail customers last year was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard...

Which of the following are true? If false, explain briefly. a) A very low P-value provides evidence against the null hypothesis. b) A high P-value is strong evidence in favor of the null hypothesis....

During the year, Hepworth Company earned a net income of $61,725. Beginning and ending balances for the year for selected accounts are as follows: There were no financing or investing activities for...

Research other models of management and discuss their applicability to events. For example, the event management may be viewed from the perspective of risk management, project management or arts...

Multiple Choice Questions 1.The balance in Ash wood Companys accounts payable account at December 31, 2016, was $1,200,000 before any necessary' year-end adjustment relating to the following: ¢...

Rescue Sequences LLC purchased inventory' by issuing a $30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a...

Land caster Inc. sells its products with a 2-yrear service-type warranty. In Year 1, Landcaster sells 60 machines for $2,500 each. Landcaster determines that the machines normally' sell for $2,275...

6- The price $p and demand x for a product are related by 3x2 + 2xp + 25p3 = 300,000. Find the rate of change of price with respect to demand. a) 75p+22 63+2p 75p? +22 31+P 63 +2p 75p2 +21 63+2p 75p...

Banks sometimes quote interest rates in the form of "add-on interest." In this case, if a 1-year loan is quoted with a 20% interest rate and you borrow $1,000, then you pay back $1,200. But you make...

A research shows that the Richter scale magnitudes of earthquakes are normally distributed with a mean of 1.67 and a standard deviation of 0.385. Earthquakes with magnitudes less than 2.00 are...