Colbert sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2017. The paper
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Colbert sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2017. The paper has a standalone selling price of $100 (cost $80). The gift cards expiration date is June 30, 2017. Colbert estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows.
| | Redemption Total |
March 31 | | 50% |
April 30 | | 80% |
June 30 | | 85% |
Prepare the 2017 journal entries related to the gift cards at March 1, March 31, April 30, and June 30.
Related Book For
Taxation for Decision Makers 2019
ISBN: 9781119497288
9th edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
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