Rikards Menswear sells $4,750 of gift cards for cash in December 2024. Rikards has a December 31
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Rikard’s Menswear sells $4,750 of gift cards for cash in December 2024. Rikard’s has a December 31 fiscal year end and uses a perpetual inventory system. In January 2025, $2,425 of the gift cards are redeemed for merchandise with a cost of $1,070. Prepare journal entries for Rikard’s for December 2024 and January 2025 assuming all gift card balances will be redeemed.
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Dec 2024 Cash 4750 Unearned Revenue 4750 To record sale of gift cards Jan 2025 U...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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