CircuitTown commenced a gift card program in January $2024$ and sold $$10,550$ of gift cards in January, $$17,800$ in February, and $$17,200$ in March $2024$ before discontinuing further gift card sales. During $2024,$ gift card redemptions were $$6,650$ for the January gift cards sold, $$4,800$ for the February cards, and $$4,200$ for the March cards. CircuitTown considers gift cards to be $$broken$($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 as of December $31,2024?$ Exercise $13-9($Algo$)$ Gift cards; financial statement effects $[$LO$13-3]$

CircuitTown commenced a gift card program in January $2024$ and sold $\backslash$$$10,550$ of gift cards in January, $\backslash$$$17,800$ in February, and $\backslash (\backslash$$ $17,200\backslash )$ in March $2024$ before discontinuing further gift card sales. During $2024,$ gift card redemptions were $\backslash$$$6,650$ for the January gift cards sold, $\backslash (\backslash$$ $4,800\backslash )$ for the February cards, and $\backslash (\backslash$$ $4,200\backslash )$ 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 $31,2024?$

Complete this question by entering your answers in the tabs below.

Prepare journal entries to record the sale of January gift cards, redemption of gift cards $($ignore sales tax$),$ and breakage $($expiration$)$ of gift cards.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.