CircuitTown commenced a gift card program in January 2013 and sold $12,250 of gift cards in January, $16,900 in February, and $18,600 in March of 2013 before discontinuing further gift card sales. During 2013, gift card redemptions were $7,900 for the January gift cards sold, $6,500 for the February cards, and $5,450 for the March cards. CircuitTown considers gift cards to be broken (not redeemable) 10 months after sale. (Assume that gift-card sales occur halfway through each month on average.) (March gift cards will expire on January, 15, 2014.)

Required:

1 - How much revenue will CircuitTown recognize with respect to January gift card sales during 2013?

Revenue recognized. ?

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. (If no entry is required for a particular event, select "No journal entry required" in the first account field.)

JE 1 (Record the January gift card sales)

JE 2 (Record the redemption of January gift cards)

JE 3 (Record the expiration of January gift cards)

3 - How much revenue will CircuitTown recognize with respect to March gift card sales during 2013?

Revenue recognized. ?

4 - What liability for unearned revenue associated with gift card sales would CircuitTown show as of December 31, 2013?

Unearned revenue.?