Question: CircuitTown commenced a gift card program i n January 2 0 2 4 and sold $ 1 1 , 1 5 0 o f gift

CircuitTown commenced a gift card program in January 2024 and sold $11,150of gift cards in January, $19,950in February, and $17,600in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $6,900 for the January gift cards sold, $6,950 for the February cards, and $4,550 for the March cards. CircuitTown considers gift cards tobebroken(not redeemable)10 months after sale.
Required:
How much revenue will CircuitTown recognize with respect to January gift card sales during 2024?
Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration)of gift cards.
How much revenue will CircuitTown recognize with respect to March gift card sales during 2024?
What liability for deferred revenue associated with gift card sales would CircuitTown show asof December 31,2024?
CircuitTown commenced a gift card program i n

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